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Sime Darby Plantation expects crude palm oil to average above RM4,000 per tonne in 2024 because severe drought is limiting Indonesian output. Its Indonesian fresh fruit bunch output fell to 507,000 tonnes in the first quarter from 566,000 a year earlier, while Malaysian output rose.
Drought-driven shortfalls in Indonesia, the largest palm producer, tighten global vegetable oil supply and support palm prices, which are the cheapest of the vegetable oils.
theedgemalaysia.comMay 31, 2024After 181 past bullish weather events, PALMOIL moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Sime Darby Plantation said drought was curbing Indonesian output and expected CPO above RM4,000, supporting a supply-tightness narrative that lifted prices.
