Palm oil cash market activity has started to perk up, with prices edging higher following an overall quiet period. Rumblings of increased buying interest from major destination markets have surfaced. Since the start of April, U.S. Gulf physical palm oil cash prices have lost more than 18 percent. The cash market had been closely tracking futures prices, with palm oil contracts facing a bearish set of fundamentals, including rising stocks in Southeast Asia and tepid international demand from major buyers like China and India. Palm oil spot prices at the Gulf are down more than 53 percent in value from the record high reached in early March 2022.
Figure 1.
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