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The Council of Palm Oil Producing Countries (CPOPC) says 2024 will be a critical year for the industry, citing the EU Deforestation-Free Regulation and forced labour legislation. CPOPC remains bullish, projecting crude palm oil prices between US$800 and US$1,000 per tonne, supported by falling production, ageing trees, weather and biofuel mandates.
Trade barriers in Europe could limit palm exports, but CPOPC's forecast of supply tightness from ageing trees and biofuel demand supports a firmer price outlook.
ukragroconsult.comDec 13, 2023After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% 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.
