Market price of palm oil drops by around K1,200 per viss

The price of palm oil in the Yangon market went down from K7,400 per viss on 25 February, to K6,380 and K6,250 per viss on 7 and 8 March respectively, a palm oil trader from Bayintnaung stated.
There is no oil at the tank in the Yangon market even though the market price slumped down to K6,200 per viss. Some say that oil can be bought for K6,600 per viss from oil hoarders.
The wholesale reference price of palm oil in the Yangon market from 6 to 12 March was K4,600 per viss, the same as the previous week. Within two weeks from 27 February to 12 March, the palm oil price in the external market is around K1,200 per viss lower than the wholesale reference price, according to palm oil dealers.
Dealers who purchased palm oil at the end of February with the high prices said that they faced many losses when the price has fallen these days. Due to the rumours that there is difficulty in purchasing palm oil on the evening of 7 March, palm oil was priced at K6,650-K6,700 per viss at the Myingyan market.
However, the palm oil price in the Yangon market declined again. Thus, the opening prices of Bayintnaung and Nyaungpinlay markets became the same at K6,250 per viss. Such a sharp price drop caused the difference between the market price and the wholesale reference price per viss from around K2,900 at the end of February to only around K1,700 on 8 March.
The price of a tonne of foreign palm oil was US$970 on 28 February, US$1,025 on 3 March, US$1,005 on 7 March and US$1,000 on 8 March, according to the foreign palm oil market price statements. — TWA/CT