The Second Quarter of 2023 the US Palm Oil Prices Online

North America

During Q2 2023, palm oil prices in North America followed the market trends of Asia Pacific. At the start of Q2, palm oil prices increased throughout the region. The main reason for this was the temporary export ban imposed on exporting nations, mainly Indonesia, prior to Ramzan, which impacted the supply of cooking oil in the country. Domestic suppliers and traders, however, were purchasing as much as possible as they feared a shortage. On the other hand, after April, prices decreased significantly and ended Q2 on a negative note. Imports from Indonesia fell during May, but refiners, traders, and suppliers managed to buy more from other nations, including Malaysia. Refiners, traders, and suppliers were able to purchase more palm oil from other countries, including Malaysia. In addition, the earlier decrease in imports and the price correction in June encouraged buyers to buy more palm oil in June. Buyers tend to prefer palm oil as it is more affordable at a lower rate than other oils. Palm oil continued to trade at a low cost compared to soybeans this month, partly due to higher Malaysian palm oil stocks.

Asia Pacific

Across the entire APAC region, where Malaysia and Indonesia are the largest exporters, the Palm Oil prices in Indonesia and Malaysia followed a declining market trend. The world’s largest vegetable oil exporter tightened its export quota for palm oil to contain rising domestic cooking oil prices ahead of Ramzan. At the start of the second quarter, higher demand in Indonesia during the holy month of Ramadan drove up palm oil prices. However, as the second quarter progressed into mid-Q2, prices started to drop sharply as the Indonesian government reduced export taxes on crude palm oil to contain increasing domestic cooking oil prices. The government said the export restrictions were needed to ensure sufficient cooking oil for domestic consumption, which was lifted at the end of June. The prices remained low until the end of Q2 and settled at $830. Similarly, in the Malaysian market, palm oil production increased in the middle of Q2, supported by a substantial increase in export activity. The increase in palm oil production was mainly due to amended palm oil yields in recent months due to improved weather conditions, better agricultural practices, harvest season, and ease of labor shortage, which led to increased availability among merchants. This, in turn, led to a decrease in palm oil prices till the very end of Q2. The price of palm oil in Malaysia was valued at $860 at the end of June.

Europe

Throughout the European region, the prices of Palm Oil improved with the beginning of the second quarter. The importing activity was moderate, while the supplies from exporting nations, primarily Indonesia, one of the largest exporters of palm oil, were weak, which affected the overall market trend until April 2023. Moreover, moving towards the middle of the q2, the prices fell considerably across the globe benefitting the merchants and traders as palm oil was available at cheaper rates. The increased demand for edible oils, including palm oil, across the European region, despite higher availability of domestic supplies, suggests a changing consumption pattern and growing preference for imported oils. The surge in imports of palm oil was attributed to easy availability at a lower price and changing climatic conditions owing to which the merchants and traders focused on raising their domestic inventories and, as a result of disrupted trade momentum so that they could destock their inventories at higher rates when inquiries from domestic market resurged.

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