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Fastmarkets Palm Oil Analytics expects crude palm oil prices to fall to RM3,500-3,700 in the second half of 2024 as high output from March and high Chinese and Indian stocks weigh on prices. CIMB forecasts 2024 CPO averaging RM3,900, slightly above 2023.
CIMB expects Indonesia's B35 mandate to cut palm exports and support prices.
Seasonal output pressure and high importer stocks point to lower palm prices in the second half, while Indonesian biodiesel demand offers support. Feed buyers should watch vegetable oil costs through late 2024.
theedgemalaysia.comThe Edge MalaysiaApr 1, 2024Not 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.
