Ukraine crisis, palm oil consumption increases
Futures onMalaysian palm oil peaked in 4 weeks at 6,465 Myr per ton and recorded a rise of more than 9% in the past week, the largest weekly jump in more than six months, supported by concerns about low supply and strong demand. of the main buyers, India And China.
Palm oil boom with the shortage of sunflower and rapeseed oils
There deficiency of sunflower and rapeseed oilsproduced for almost 75% of world exports from Russia and Ukraine, is forcing the main importers to look for alternatives including‘Palm oil imported by Malaysia And Indonesia. Imports of palm oil from India increased 18.7% in March from the previous month as investors moved to secure alternatives to sunflower oil from Ukraine.
Meanwhile, exports of products based on palm oil from Malaysia from 1 to 10 April they decreased by 19.3% compared to the same period in March, according to official data. In addition, the Malaysian Palm Oil Council expects a slight increase in global production in 2022, with Malaysia’s production of 18.9 million tons and Indonesia’s 47.1 million tons.
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