December 15, 2022
Weaker edible oil prices contribute to the drop in the palm market
1 RM (Malaysian Ringgit) = 0.23 USD
1 USD = 0.81 GBP
*Note, exchange rates are for December 13
Malaysia palm prices CPO Settlement Price RM
November’s volatility carried over into December with Malaysia’s Crude Palm Oil (CPO) settlement prices seeing a 60-day low of 3737 RM/tonne ($843.76) on December 12. The average CPO price for the first nine trading days of the month was 3958 RM/tonne ($893.66), seeing a high of 4094 RM/tonne ($924.36) on December 6.
Palm posts biggest drop in 2-1/2 months as rival oils slump weighs
The decrease in palm prices was a result of edible oil prices and crude oil taking a dive. According to reporting by Reuters, “palm was down due to ‘spillover weakness from the Dalian Commodity Exchange’ after a bearish monthly world agricultural supply-and-demand estimates report from the U.S. Department of Agriculture dragged down the commodity market on Friday.”
Disclaimer: The information in this document has been obtained from or based upon sources believed to be reliable and accurate at the time of writing. The document should be for information purposes only and is not guaranteed to be accurate or complete.