Palm oil wholesale price declines to around K5,800 per viss

On 5 May, the delivery order (DO) price of palm oil was K5,900-K5,950 per viss in the Yangon edible oil market. On 6 May, wholesale palm oil was traded at K5,800–K5,850 per viss in the Nyaungpinlay oil market, Ko Swe Aung, an oil trader, told the GNLM.
From 2 to 7 May 2023, the wholesale reference price of palm oil in Yangon was K4,570 per viss, which decreased by K110 per viss from the previous week and dropped by K220 per viss compared to the reference price from 10 to 23 April.
As the reference price, foreign market price, and capital prices are falling, the prices of oil are also falling in the Yangon oil market. The wholesale palm oil price of K6,000 per viss, which was traded in the external oil market in March, has not only fallen after more than a month but has even fallen below K6,000, according to an oil dealer.
During the more than two weeks period, the DO price of the external market also dropped to around K400 per viss as the wholesale reference price fell by K220 per viss. It is known that the oil dealers in the Yangon market, including the regional markets, are only buying as much as they need because the price is falling.
However, around the second week of May, a storm warning was issued, and preparations for the storm have been made at the national level. On stormy days when there is a problem with the import of oil from abroad, the Yangon oil market tends to raise the prices of oil. As a result, the storm that will pass now will cause changes in the price of edible oil in Yangon, according to an oil dealer, Ko Wai Lin Oo.
Even so, there were 75,000 tonnes of oil in the country during Thingyan, and imported oil from abroad continued to arrive in late April and early May. Thus, there may have been around 90,000 tonnes of oil locally from April until now. Therefore, even if there were some difficulties in accessing oil from abroad due to the storm in May 2023, there is speculation that there may be enough oil in the domestic market. — TWA/CT

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