Malaysian palm oil futures bounced back above MYR 5,000 per tonne, moving closer towards an all-time high of MYR 5,220 hit on October 21st, as the country's palm producing regions were hit by heavy rain due to the wet season. Meanwhile, prospects of lower demand could curb the gains after data showed exports of Malaysian palm oil products for October 1st-25th fell 12.1% from the same period in the previous month, led by declines in shipments to the EU (-27.3%) and India (-8.0%). Investors also feared that regulators in India and China could increase scrutiny on speculative trading to tame record high prices.
Historically, Palm Oil reached an all time high of 5220 in October of 2021. Palm Oil - data, forecasts, historical chart - was last updated on October of 2021.
Palm Oil is expected to trade at 4198.31 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 4745.75 in 12 months time.