Refined glycerine prices have significantly dropped !
June 28th, 2022
CPO prices have dropped further this week reaching MYR 4,750 against July on MCDEX, which is a major fall supported by dropping soyabean oil prices being traded below 68 ct/lb on CBOT. With palm oil being now sold at a USD 200 pmt discount to gasoil, biodiesel production is running at full swing as well as the oleochemical industry, hence generating good refined glycerine volumes to be moved quickly. Material is therefore available for prompt shipment. Indonesia has passed a law prohibiting domestic workers to enter Malaysia with a view to easing the labour shortage problem in harvesting palm fruits. The country has also issued export permits for over 1.5 million tonnes of palm oil under its DMO scheme. Refined glycerine prices have therefore significantly dropped this week.