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Physical palm oil prices in Indonesia rose to a 10-month high of $986/mt on March 15, 2024, as seasonally low Southeast Asian output coincided with a spurt in Indian demand. India was covering for sunflower oil shipments delayed by the Red Sea shipping crisis.
Spot palm oil prices are up about 20% since the start of the year.
Tight seasonal supply plus rerouted Indian buying lifts palm prices and narrows the premium gap with soyoil and sunflower oil. Feed buyers face higher vegetable oil and meal-complement costs.
spglobal.comMar 15, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
