New concerns about the price of palm oil!

 

Palm oil is raising concerns about the price increase in the market!

Heavy rains have started to hit production in palm oil-producing countries.  As a result, the supply of the product may decrease all over the world.  The price may increase.  That fear is increasing in India as well.  Because India is the first palm oil importing country in the world.  According to the concerned circles, due to the fire price of the goods, it is being poured into the hands of the common man every day.  Meanwhile, if the price of palm oil increases, they will be in more trouble.

• What's the story?

Apart from cooking, palm oil is also used to make biofuel.  which increased the demand for the product.  Also, the uncertainty of sunflower oil imports due to the Russia-Ukraine war is further fueling that demand.  Palm oil prices hit a record high last March, although prices are still low compared to other edible oils, including soy oil.  Although it has decreased a little at times, it has recently started to raise its head again.

• What's next?

On the other hand, there are reports that Indonesia may impose tariffs on palm oil exports to maintain supply in the country due to reduced production.  Traders fear, in that case, the price will increase further.  They say that the price of ton for November delivery rose to $976 in advance trading.  1010 dollars in the case of January.  A dealer in Mumbai fears that it could be $1,100 if Indonesia imposes restrictions.