2024-01-14 22:32:10
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Published on: Monday, January 15, 2024 – 12:31 AM | Last updated: Monday, January 15, 2024 – 12:44 AM
The price of palm oil is expected to rise to as much as 4,200 Malaysian ringgit (about $903) per ton by the end of June, amid tight supplies and high demand from India, according to Bloomberg News, citing veteran trader Dorab Mistry.
The most widely consumed vegetable oil is expected to trade between 3,600 ringgit and 4,200 ringgit in the first half of 2024 on the Malaysian Derivatives Exchange, Mistry, a director at Godrej International, said in statements prepared for the Vegetable Oil Conference in Karachi on Saturday.
Mistry’s latest forecast compares with a previous forecast for the tropical oil to trade between 3,700 ringgit and 4,500 ringgit, during the December-June period.
Palm oil production in Indonesia, the largest grower, will fall by 1 million tons in 2024 compared to the previous year, and Malaysian production will remain unchanged, according to Bloomberg.
It is noteworthy that the prices of palm oil futures contracts continued to decline at the beginning of this month in light of continuing fears of a decline in demand in light of supply prospects.
Last December, shipments of Malaysian palm oil fell by 10% per month due to lower demand in China, Europe and the Middle East, according to Bloomberg.
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