Palm oil prices head for nine-day fall to K5,550 per viss

The wholesale price of palm oil started to plunge below K6,000 per viss on 18 November and remained downward trends with K5,550-K5,580 per viss on 26 November.
There is news speculating about old dealers resuming the palm oil imports. Highly competitive market is likely to emerge, said a dealer who sends the goods to regions outside Yangon.
Although it was about one month that the price was expected to decrease under K6,000 per viss, it started to drop on 18 November. However, the reference wholesale price for Yangon is slightly going up.
The reference prices were K4,330 per viss for a week from 8 to 13 November 2022, K4,350 for a week ending 20 November and K4,380 for a week ending 27 November. Meanwhile, the market prices stood at K6,300 on 8 November and K5,550 on 26 November.
I was surprised by the price decrease of K750 in the wholesale market price while the reference price was up by K50 in November, said an edible oil dealer.
The price gaps between the reference price and the wholesale market price were K1,970 per viss on 8 November and K1,200 on 26 November.
The majority of the retailers have to buy the palm oil at K1,000 higher than the wholesale reference price. Nonetheless, they do not dare to take a risk to buy large stocks as they face loss from the declining price.
The sellers have concerns as the palm oil usually freezes in the winter. Those oil jerry-can sellers raised the price of K1,000 against those from oil tanks as they said their oil will not freeze.
The price of Malaysian palm oil dropped to the lowest of 3,850 Malaysian Ringgit per tonne in the third week of November, yet it rebounded to 4,140 Ringgit last week. Prior to the mid-2022, it soared to around 7,000 Ringgit per tonne.
Between 2017 and 2020, palm oil price was around 3,000 Ringgit per tonne. Before 2020, it was valued at less than 3,000 Ringgit per tonne, as per Malaysian palm oil price data. —TWA/GNLM

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