Palm oil prices are setting a record in Malaysia
www.purchasing.com
Palm oil futures in Malaysia, the global benchmark, rose to a record $1,135/metric ton (51.5¢/lb) this morning as higher crude oil prices in the U.S. boosted the global appeal of the biofuel feedstock that already is used in Asia as a gasoline and heating oil alternative. The futures are traded on the Malaysia Derivatives Exchange in
Shipments of palm oil from Malaysia to China, the world’s biggest buyer of vegetable oils, have jumped this month after almost half of China’s rapeseed area was affected by the worst snowstorms in decades, according to the Bloomberg News Service. Vegetable oil supplies may be further squeezed as palm oil exports from
“There are no signs that these high prices will curb demand,’” says Li Jianlei, Beijing-based analyst at Cofco.
