Palm oil slumps on demand destruction and food inflation worries
(March 4): Palm oil retreated on concerns about demand destruction from record high prices, although expectations of shrinking stockpiles in second-biggest grower Malaysia and escalating tension in the Black Sea region curbed losses.
Benchmark futures fell as much as 5.8% to RM6,415 a ton in Kuala Lumpur, before trading at RM6,412 by 11.29am local time. Prices, which hit an intraday record high of RM7,108 on Wednesday (March 2), are up 7.1% so far this week.
“After the current rally, which was premised on short covering, finally prices are trying to find a bottom that would eventually generate better buying interest,” said Paramalingam Supramaniam, director at Selangor-based broker Pelindung Bestari.
Still, palm oil’s fundamentals remain attractive with lower stockpiles and tighter edible oil availability worldwide, he said. The market will “eventually find its bottom and prices will consolidate and better reflect the supply and demand scenario.”
Inventories in Malaysia probably dropped to a 14-month low at the end of February as production slumped for a fourth straight month because of a chronic labour shortage, according to a Bloomberg survey.
Prices of cooking oils, used in thousands of products from chocolate to margarine and instant noodles, have skyrocketed as Russia’s invasion of Ukraine creates a void in the edible oil market, adding to food inflation risks.
http://www.theedgemarkets.com/article/palm-oil-slumps-demand-destruction-and-food-inflation-worries
Singapore Investment
-
-
-
-
-
Spread the love (and money)9 hours ago
-
-
SBJUN24 GX24060A is 3.33%10 hours ago
-
A kind of mental issue13 hours ago
-
-
-
-
China’s going downhill?18 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
No new investment for retirees2 days ago
-
-
-
-
-
The Story Behind Maybank2 days ago
-
-
-
-
-
-
Quick Update - scary correction3 days ago
-
-
Portfolio Update Apr 20244 days ago
-
-
Portfolio Summary for April 20244 days ago
-
Portfolio (April 30, 2024)4 days ago
-
Summary of April 20244 days ago
-
-
Month of April 20244 days ago
-
-
A Blast From the Past4 days ago
-
-
-
-
-
-
-
Weekly Market Outlook6 days ago
-
-
-
That Restless Night…1 week ago
-
-
-
-
-
-
-
-
-
-
-
Keyboarding Warriors1 week ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Banks and Miles Report – Mar 20243 weeks ago
-
-
-
2024 (Portfolio Update)4 weeks ago
-
-
-
-
1Q 2024 Investment Strategy Update4 weeks ago
-
-
-
-
Lentor Hills Residences5 weeks ago
-
Burnt out!5 weeks ago
-
-
-
Feb 2024 Expenditure5 weeks ago
-
-
Starting Our Second Property Cycle1 month ago
-
-
-
-
-
-
-
-
The Market Is A Scam!2 months ago
-
-
-
-
-
-
-
Options Trading Journal Jan 20242 months ago
-
-
-
-
-
-
-
End of 2023 Review4 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report4 months ago
-
Monthly Summary of November 20235 months ago
-
3 Simple Poker Strategies for Beginners5 months ago
-
Migration of website5 months ago
-
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates7 months ago
-
-
-
-
Hello SP Group, I'm Back!10 months ago
-
-
-
-
A New Light11 months ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-