Palm oil futures prices continue to rise but capped by OPEC+ production decision

July 19, 2021 |

In Malaysia, Reuters reports palm oil prices continue to climb higher to $981 per metric ton, supported by a tight market and a weakening Malaysian ringgit. But with OPEC+ countries agreeing to increase oil production, prices didn’t go as high as they would have otherwise. With COVID-19 again surging around Southeast Asia, it’s difficult to find workers which is having a negative impact on production and supplies. Palm oil prices are also supported by rising soybean prices in the US due to hot, dry weather there that will likely impact yields.

Print Friendly, PDF & Email

Tags: , ,

Category: Fuels

Thank you for visting the Digest.