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Malaysian benchmark palm oil futures are on track for their best annual gain in nearly a decade, up about 35% in 2019 and above 2,900 ringgit a tonne. Analysts cite dry weather, haze hurting output, and Indonesia's compulsory biodiesel program.
Most industry players expect prices to stay elevated in 2020, with an average near 2,600 ringgit.
Lower production from dry weather and rising biodiesel mandates tighten palm supply and support prices into 2020. Soybean oil also gained 22% this year, reflecting broader vegetable oil strength.
thehindubusinessline.comBloombergDec 18, 2019Not enough comparable past events yet for a historical read.
Not 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.
Palm oil futures were strong on dry weather, haze-reduced output and Indonesian biodiesel mandates, lifting substitute vegetable oil prices.
