Friday, February 8, 2013

Palm oil dropped in price by the end of this week

Experts have recorded the first weekly decline in palm oil prices in the last month. Stocks product in Malaysia can stay close to the record, as soybean harvest in South America have increased world's oil supply. Such speculation triggered a drop in prices at the end of trading this week.
Contracts for palm oil for April delivery dropped in price by 0.2%, to 2,546 ringgit (822 dollars) per ton on the Malaysia's Commodity Exchange. Reduction of prices for the week will be equal to 0.2%.
Stocks in Malaysia may fall by 3.8% to 2.53 million tons in January, against a record 2.63 million tons last month. However, it is still above last year's level of reserves (2.02 million tons), and exceeds the reserves of oil palm (1.42 million tons) in January 2011, said agency "Kazakhstan-Grain."
Soybean production in Brazil may rise to a record 83.4 million tons in 2012-13 cropping season, representatives of the Ministry of Agriculture of the country. Meanwhile, Argentine farmers can collect about 50 million tons in the period.
Refined palm oil for delivery in September has changed little in price and is now sold at 7,126 yuan (1,143 dollars) per ton on the Dalian Commodity Exchange

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