# OCBC Research revises 2024 CPO price to average RM3,650 per tonne | The Star

> OCBC Research raised its 2024 crude palm oil price forecast to an average of RM3,650 per tonne. The firm cited El Niño disruption to production, with MPOB and GAPKI both expecting stagnant output, and expects prices to trade in a range as palm's discount to other vegetable oils narrows.

- Date: 2024-01-15 · published 2024-01-15T12:00:00.000Z
- Category: weather · region Malaysia · magnitude medium
- Page: https://feedsoft.ai/events/32230-ocbc-research-revises-2024-cpo-price-to-average-rm3-650-per-tonne-the-star
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Expected flat production and a narrowing discount to other oils support palm prices and may encourage more biodiesel blending.

## Read by commodity

- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2023-12-01 | [CPO prices to rise to US$850/tonne or higher next year](https://feedsoft.ai/events/33279-cpo-prices-to-rise-to-us-850-tonne-or-higher-next-year.md) | -3.0% | -2.4% |
| PALMOIL | 2024-05-31 | [SD Guthrie expects CPO prices to average above RM4,000 a tonne this year, says group COO \| Malay Mail](https://feedsoft.ai/events/8036-sd-guthrie-expects-cpo-prices-to-average-above-rm4-000-a-tonne-this-year-says.md) | +2.2% | +1.0% |
| PALMOIL | 2024-05-31 | [CPO to average above RM4,000 per tonne in 2024 as prolonged drought curbs Indonesian output — Sime Darby Plantation](https://feedsoft.ai/events/30352-cpo-to-average-above-rm4-000-per-tonne-in-2024-as-prolonged-drought-curbs.md) | +2.2% | +1.0% |
| PALMOIL | 2020-12-03 | [Low production to support CPO prices \| The Star](https://feedsoft.ai/events/49758-low-production-to-support-cpo-prices-the-star.md) | +1.0% | +5.3% |
| PALMOIL | 2026-08-28 | [IOI Corp sees strong FY27 on elevated CPO prices \| The Star](https://feedsoft.ai/events/4539-ioi-corp-sees-strong-fy27-on-elevated-cpo-prices-the-star.md) | +4.5% | +1.3% |

## Sources

- thestar.com.my: https://www.thestar.com.my/business/business-news/2024/01/15/ocbc-research-revises-2024-cpo-price-to-average-rm3650-per-tonne

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.