Palm oil prices on the rise

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A vendor is pictured using the palm oil to fry snacks.

On 9 June, the palm oil price outside Yangon was K8,000 per viss and it dropped to K6,300 per viss on 28 June.
In early July, the prices drastically rose and it became K8000/8200per viss outside Yangon on 4 July, said Ko Oo, palm oil seller at Nyaung Bin Lay Market.
In the market, the price declined about K1700 per viss within 21 days and it rose to K1,700 per viss again recently. The Yangon’s reference price was K5,815 per viss between 21 and 30 June. But the authorities have not announced the reference prices in state-owned newspapers between 1 to 4 July, the oil dealers said.
People criticized the local and foreign palm oil prices declined by the end of June as the foreign oil prices dropped sharply and the prices rose again recently.
On 9 June, the foreign palm oil was priced at $1,438.39 per metric ton and only $1,311.42 on 14 June.
On 17 June, Malaysia’s palm oil price was $1,240.72 per metric ton, $1,172.15 on 20 June, $1,061.62 on 24 June, $1,088.20 on 27 June and $1,107.75 on 30 June.
The foreign palm oil prices declined by about $330 per metric ton between 9 and 30 June. Within 21 days, the oil price dropped about K1,000 per viss.
In the foreign palm oil market, as the soybean oil prices dropped dramatically within 50 years and due to declining China’s demand, exceeding palm oil production rate of Malaysia, export permit of 1.6 million tonnes by Indonesia, the foreign palm oil prices drastically declined recently and the prices of prepaid would decline in coming months, according to the foreign data.
The oil tankers will arrive in the country recently and unload soon.
Therefore, the local oil demand will be high in the Yangon market and the people watch the market situation as the foreign oil price drops and they bought only a certain amount of oil they need in June end and the demand was high again when the prices rose.
In early July, the palm oil price outside Yangon rose and the people, who run frying businesses, need extra cash when they buy the oil.
The peanut oil price is between K8,500 and K11,000 per viss. — TWA/GNLM

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