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Analyst James Fry said Malaysian crude palm oil could reach a record 8,100 ringgit ($1,938) per tonne in coming months. He cited a drop in global edible oil stocks and a decline in export surpluses, including the effect of the war in Ukraine.
He expects prices to ease to 6,200-7,000 ringgit in the third and fourth quarters as supply builds.
A forecast of tightening stocks and record prices points to firmer palm oil values into mid-year, which raises feed costs for buyers using palm-based fats. The outlook is a forecast rather than a new supply shock.
reuters.comMar 9, 2022Not 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.
