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Article: Palm oil pricing struggles as market waits for stronger demand. (Oils, Fats & Waxes).(Brief Article)(Statistical Data Included)
- Article from:
- Chemical Market Reporter
- Article date:
- March 25, 2002
- Author:
CopyrightCOPYRIGHT 2002 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DESPITE LOWER palm oil production and analysts' continued projection of tightening global vegetable oil supply, palm oil prices are struggling because of rising carryover stocks stemming from lower export demand.
The price for refined, bleached and deodorized (RBD) palm oil last month, according to the US Department of Agriculture (USDA), tumbled down to S302 per ton, f.o.b., Malaysia from January's average price of $322 per ton. Average crude palm oil prices in Malaysia last month dropped 4 percent from January's S307 to $293 per ton.
Uncertainties in demand from China and India, two of Malaysia's largest palm oil consumers, are bearing down on prices. ...