Malaysian palm oil futures rose for the third session to around RM3,781 a tonne on Thursday, tracking gains in rival soya oil and improving demand ahead of the Ramadan festival. Independent inspection company AmSpec Agri Malaysia said Malaysian palm oil products for April 1-15 rose 13.1% from a month earlier and Cargo surveyors data are set to be released later in the day. Traders foresee April exports to be a robust as India, the biggest buyer of edible oil seeks to replenish stocks to meet higher demand from hotels and restaurants. Palm-based biodiesel demand from the US is also expected to rise as the country seeks to replace corn-based ethanol due to low corn supplies.
Historically, Palm Oil reached an all time high of 4298 in March of 2008. Palm Oil - data, forecasts, historical chart - was last updated on April of 2021.
Palm Oil is expected to trade at 3600.87 MYR/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3093.28 in 12 months time.