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Moody's raised its medium-term crude palm oil price range to RM2,200-2,600 per tonne for the next 12 months, citing continued supply constraints. The benchmark futures contract closed the week at RM3,288, an eight-and-a-half-year high.
Moody's expects current highs to be unlikely to persist.
The forecast signals analysts expect palm prices to ease from record-era highs, which could cap vegetable oil input costs over time. Labour and weather constraints remain supportive near term.
themalaysianreserve.comZukriNov 23, 2020After 66 past neutral report events, Palm Oil moved a median +0.2% over 5 sessions (58% higher; middle half -0.4% to +2.0%), and +2.2% 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.
