Malaysian palm oil futures hovered above MYR 4,750 per tonne, increasing for the third consecutive session amid bets of production declines. Traders closely monitored the broader vegetable oil market, particularly soybean oil, for signs of a narrowing price gap that could boost palm oil's global competitiveness. The contracts extended their recovery from last week’s three-week low, supported by continued bargain-hunting activity. In India, the largest buyer, palm oil purchases surged 60% in October to a three-month high compared to the previous month, as refiners replenished stocks depleted by recent low imports and strong festive demand. However, bullish momentum was tempered by concerns over the lack of short-term buying incentives, at least until the Lunar New Year in key buyer China and the onset of Ramadan. Additionally, several traders exercised caution ahead of official PMI figures on the mainland later this week and the upcoming monthly industry data due in early December.
Palm Oil increased 1,089 MYR/MT or 29.27% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on November 27 of 2024.
Palm Oil increased 1,089 MYR/MT or 29.27% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil is expected to trade at 4968.00 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 5228.81 in 12 months time.