Palm oil price could rise in 2024 with production and supply uncertainties, Malaysian council says



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Malaysian crude palm oil prices will trade at 3,700-4,200 ringgit per tonne in the second half of 2023 and will remain supported in the long term, state agency Malaysian Palm Oil Council (MPOC) said in this report. Tuesday.

By 2024, there is a strong possibility that prices will rise above 4,300 ringgit ($952.38) a tonne, MPOC deputy director Mohd Izham Hassan said in a webinar.

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This is due to market uncertainties, including those related to the supply of Black Sea sunflower oil and Malaysian palm oil production, which have been below expectations, Mohd Izham said.

Production in the world's second-largest producer during the first half of 2023 was almost 3% lower than the same period last year, Mohd Izham added.

Malaysia's benchmark crude palm oil futures are down 7% so far this year. They traded near 3,882 ringgit ($859.80) on Tuesday, as traders weighed a drop in rival oil prices and supply concerns.

Mohd Izham predicted that the biggest buyers, India and China, would import a combined total of 16.5 million tonnes of palm oil by December 2023, up from 15 million tonnes in 2022.

Source: Mei Mei Chu | Notícias Agrícolas

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