Palm oil price narrows between reference and market rates

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Palm oil is pictured being sold at a grocery shop.

The price gap between the current reference price in Yangon Region and the actual market price shrank to K2,250 per viss on 3 March from 7,250 on 1 March.
On 1 March, the palm oil price jumped to K7,350 per viss in the Yangon wholesale market. The price declined to K6,850 per viss on 3 March, a trader who purchases edible oil at Bayintnaung Wholesale Market told the Global New Light of Myanmar (GNLM).
However, the demand is still low. On 3 March, the price stayed below K7,000 per viss, a seller Ko Swe Myint told the GNLM. The market price of palm oil is positively related to the exchange rate and supply from the importing countries.
The wholesale reference price for the Yangon market was set at K4,470 on 25 February, while the market price hit a high of K7,400 per viss.
The sellers did not expect a decrease of K500 per viss within three days. Last month, it remained on the high side owing to the manipulation of some traders in possession of edible oil stocks. Price affects consumer buying behaviors. — TWA/EM

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