On Tuesday, the Asian palm oil spot market soared. The skyrocketing external market boosted palm oil prices.
Analysts said that the global supply of edible oil is tight, and green energy projects have caused competition between the fuel industry and the food industry for edible oil supply, which has boosted the price of edible oil, including palm oil.
Palm oil is currently the cheapest edible oil in the world, and the recent widening of the price gap between soybean oil and palm oil makes palm oil more attractive to price-sensitive buyers.
BTMA News on April 28
