In the week ending Friday (February 28th, 2014), the spot market price of palm oil in Malaysia continued to rise, continuing the upward trend since the beginning of February, mainly because the dry weather was not conducive to palm oil production, which made the market expect palm oil production and inventory to decline.
On Friday, the price of 24-degree refined palm oil delivered at Malaysian port in March 2014 was $895, which was $30/ton higher than last week, FOB；; The quoted price of 24-degree refined palm oil for delivery in the second quarter is $880 per ton, which is $27.5 per ton higher than last Friday.
The price of 33-degree refined palm oil delivered in March is $895 per ton, which is $30/ton higher than last week; The price of 33-degree refined palm oil for delivery in the second quarter was $880 per ton, which was $27.5/ton higher than last week.
On Friday, Malaysia’s crude palm oil for March delivery was quoted at RM 2,830/ton (US$ 1 was equivalent to RM 3.2720), which was RM 70 higher than last Friday. The delivery price in South Malaysia.
Traders said that the price of Malaysian palm oil futures rose sharply in the past week, and the active May palm oil futures closed at RM2,800 per ton on Friday, 1.6 percentage points higher than last Friday. This is also the fourth consecutive week that palm oil futures have risen. The cumulative increase in February reached 9.4 percentage points, which is also the highest monthly increase since October 2013, mainly because the market is worried about the decline in palm oil supply due to adverse weather. At present, the weather in Malaysia is dry, and the surrounding areas of the capital have begun to limit water supply. The weather in Indonesia is also unfavorable for palm oil production. Senior officials of Wilmar said last week that the dry weather in Indonesia will limit the growth of palm oil production in Indonesia in the first half of 2014. In addition, Indonesia’s biodiesel industry will greatly increase the consumption of palm oil. Wilmar International predicts that the consumption of biodiesel in Indonesia will increase to 3.5 million tons in 2014, up from 1 million tons in the previous year, which will lead to the squeeze on the export supply of palm oil in Indonesia.
The data of Malaysian Palm Oil Bureau (MPOB) also showed that the palm oil production in Malaysia decreased seasonally. In January 2014, Malaysia’s crude palm oil output was 1.51 million tons, a decrease of 9.57% compared with 1.67 million tons in December. At the end of January, Malaysia’s palm oil inventory was 1.93 million tons, down 2.63% from the previous month’s 1.99 million tons, of which crude palm oil inventory decreased to 1.07 million tons, down 4.22% from the previous month, and processed palm oil inventory was 863,581 tons, down 0.58% from the previous month.
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