"On 3 February 2023, it was so hard to buy palm oil in Yangon markets and we cannot purchase as much oil as we want," said an edible oil seller from the delta region.
On 2 February, the wholesale price of palm oil was K6,350 per viss (a viss equals 1.6 kilogrammes). The delivery order price was K6,250 per viss then.
These days, irregular trading behaviour is reported at Bayingnaung Wholesale Centre. The market is sluggish as traders are mulling over selling them. The wholesale price opened at K6,600 per viss after 2 pm and the big shops are still observing the market to sell palm oil.
Between 20 January and 1 February 2023, about 20,000 tonnes of palm oil flowed into the country. In 2022, approximately 40,000 tonnes of palm oil were brought into the country every month, with 41,541 tonnes entering the domestic markets in January 2022 and 32,337 tonnes in February.
The wholesale reference price for palm oil is issued on Mondays and the price for three consecutive weeks from 16 January and 5 February was set at K4,430-K4,440 per viss, whereas the FOB price is $1,005-K1,008 per tonne. The original price of palm oil is K4,341-K4,353 per viss when it is calculated on the exchange rate of K2,480. The price hovered unchanged for three straight weeks.
On 3 February, palm oil was priced at K6,500 per viss in Mandalay markets. The opening price was K6,650 per viss in Yangon’s wholesale markets. The price in the Mandalay market varies depending on the price recorded in the Yangon market, said a buyer in the Mandalay market.
The traders in Yangon markets stopped sales when there was a high demand. The sellers usually raised the price of K250 higher than that of the previous day. It is hard to forecast the price in Yangon markets. Those traders in possession of palm oil receive handsome profits when the price increases. Traders in regions outside Yangon are closely observing the Yangon market to decide the market price. — TWA/EM