Storm “Mocha” puts up domestic palm oil price

Oil dealers said that the price of palm oil is rising as news of a coming severe storm called “Mocha” in Myanmar has come out in the past few days.
The Yangon oil market tends to raise the price of palm oil on the grounds that it is difficult for oil tankers to enter the country when there is news of a storm coming into the country, U Htwe Yi, an oil dealer, told the GNLM.
During the news of the storm, around 10 and 11 May, two oil tankers each carrying around 5,000 tonnes of oil from abroad docked at Yangon and Thilawa oil ports. Domestically, there are around 90,000 tonnes of imported oil from April to mid-May, and the price of imported oil is also continuously decreasing this month.
The CIF price of imported palm oil at Yangon Port was US$1,088 per tonnes in the second week of April 2023, US$1,063 by the end of April, US$1,038 in early May, and only US$1,022 in the second week of May. Similarly, the wholesale reference price per viss decreased from K4,790 in the second week of April to K4,500 in the second week of May. However, in the Yangon oil market, the wholesale price of palm oil went from K5,850 per viss on 6 May to K6,100 per viss on 9 May, and K6,300 per viss on 11 May.
Due to the news of the storm this week, water transport has been temporarily suspended. The price of palm oil is still rising despite the lack of demand in the Yangon Commodity Market and regional markets. — TWA/CT