Malaysian palm oil futures were near MYR 3,940 per tonne, gaining for the fourth consecutive session due to strength in rival oils and mounting bets of robust demand ahead of the Ramadan fasting month and Eid-al Fitr festival. A shortage of workers and unfavorable weather continued to threaten production, ahead of the Feb 1-20 output data later this week. In top producer Indonesia, palm oil output is expected to grow by 5% yoy this year to 57.6 million metric tons, lower than a 7.0% rise in 2023. Capping the upside momentum was easing crude oil prices and caution ahead of PMIs readings in key buyer China. Meantime worries over weak exports grew, with cargo surveyors' data indicating Malaysian palm oil products for the Feb. 1-25 period likely sank between 10.7% and 14%. Separately, biodiesel consumption in Indonesia for 2024 is seen rising to 12.5 to 13.0 million kilolitres from 12.2 million last year, leading to a possible fall in palm oil shipments.
Palm Oil increased 189 MYR/MT or 5.08% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on February 28 of 2024.
Palm Oil increased 189 MYR/MT or 5.08% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil is expected to trade at 3791.95 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 3528.61 in 12 months time.