Login ID:
Password:
Partner Login
Contact Us : 07666977977

Palm Oil In 2017 Likely Avg Below Current Maket Price - Malaysia Minister

10 Jan 2017 1:32 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysia minister of plantation industries and commodities on Tuesday expressed that palm oil in 2017 will average between 2700-2800 ringgit per tonne, down 10-14 percent from current rates of 3,130 ringgit per tonne.

That would be well below current prices for the edible oil, used to churn out everything from ice cream to shampoo and biofuels, which stood around 3,135 ringgit ($701) on Tuesday afternoon.

Minister, Mah Siew Keong in an industry event said "Palm oil price in 2016 witnessed significant gain due to robust demand from consuming countries and lower production amid El Nino.

Keong added that he expected Malaysia's 2017 palm output to grow from the previous year, without specifying figures.

Malaysia produced 173 lakh tonnes of palm oil in 2016, down 13 percent from the year before due to dry conditions from a strong El Nino weather pattern.

(By Commoditiescontrol Bureau; +91-22-40015516)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
DJ ICE Canola Firms With Gains in Palm, Soy Oil
DJ U.S. Grain: Soymeal and Crude Soyoil Basis Offers - ...
DJ U.S. Grain: Soybean AM Gulf Barge Basis - Feb 22
Restricted Demand Keeps Spot Mustardmeal Steady
DJ U.S. Grain: Soybean Basis Bids - Feb 22
more
Top 5 News
DJ Muted Gains in Grains as Market Seeks Direction -- M...
DJ Comex Futures Open Interest - Feb 22
DJ Metal Prices Pull Back Ahead of Fed Minutes
DJ UBS Sees Headwinds For Anglo American, Trims Forecas...
DJ Global Commodities Roundup: Market Talk
Top 5 Special Reports
Technical: Cotton Bales Rajkot- Expect Sideways Volatil...
Technical: Cotton Seed Kadi : Expect Correction / Conso...
Cotton Shipment Drops 15% This Season Despite Recovery ...
Technical: Mumbai Matar- Near Term Reversal Above 2501
Technical: Masoor Kanpur - Trend is down
Copyright © CC Commodity Info Services LLP. All rights reserved.