Yangon commodity market sees high price volatility of palm oil

The palm oil price has been fluctuating in the Yangon commodity market since the last week of June. There is a big price swing almost every day. So, the price update has not been posted on social media with high price volatility, U Win Htway, an oil seller told the Global New Light of Myanmar (GNLM).
The wholesale price stood at K6,400 per viss on 21 June and then jumped to K8,000 per viss on 30 June. Then, the price declined from 3 July. It touched a low of K6,400 per viss on 7 July. The price went up and down by K1,500 per viss within a few days. Therefore, resellers are closely observing the market not to yield a loss.
The market price is approximately K4,000 higher than the reference price. Higher market prices prompted many consumers to queue in the mobile market which offers palm oil at a fairer price. However, there is a limited sale. The wholesale prices of edible oil are K13,000-K13,500 per viss of palm oil and K12,000-K12,500 per viss of sesame oil. The wholesale reference price for palm oil is set at K4,010 per viss.
Yet, the majority of the consumers are forced to purchase them at the retail price of K9,000 per viss in late June.
The difficulty in edible oil withdrawal in the Yangon market pushed up the prices, some traders stressed.
Meanwhile, there is a high inflow of palm oil imported from foreign markets. So, the authorities concerned met with the edible oil body in early July to control the price hike.
About 30,000 tonnes of oil will be imported in the second week of July. The international palm oil prices were US$890 per tonne on 3 July and $860 on 7 July.
Price hike occurs often in the Yangon edible oil market for different reasons. Last year, the prices peaked at over K9,000 per viss in August and plummeted to K5,100 per viss in late December. Nonetheless, the reference price remained unchanged at K4,000-K5,000 per viss. — TWA/EM