Crude palm oil futures rose to above RM2,600 per tonne in the last week of October, as demand from China and India, the world’s two biggest consumers of palm oil, has been recovering quickly. Malaysia’s exports of palm oil to China were up 69% in September when compared to March and those to India climbed 42%. Also, Indonesia exports to India rose 22% from a year earlier in the first seven months of the year. Suppliers are also facing difficulties ensuring enough labor to proceed with the palm harvest as it often consists of foreign laborers from neighbouring Asian countries, such as the Philippines, but restrictions on entry to palm oil-producing countries are hampering their movement. Still, prospects of weak exports in October after recent data showed sales of Malaysian palm oil products fell by 2.12% from a month earlier during Oct 1-15 curbed gains.
Historically, Palm Oil reached an all time high of 4298 in March of 2008. Palm Oil - data, forecasts, historical chart - was last updated on October of 2020.
Palm Oil is expected to trade at 2523.84 MYR/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2168.07 in 12 months time.