News

Malaysian palm oil price to trade between RM3,800 and RM4,000 in April 2024

Palm Kernel Oil
RBD Palm Oil
Malaysia
Market & Price Trends
Published Mar 20, 2024

Tridge summary

The Malaysian Palm Oil Council (MPOC) forecasts a drop in palm oil prices to a trading range of RM3,800 to RM4,000 in April 2024, due to an increase in South American soybean supply and a recovery in domestic palm oil production. The price premium of palm oil over soft oils has increased, surpassing the prices of three major soft oils in the European market. Despite a decline in Malaysian palm oil stocks in February 2024 due to reduced imports and strong domestic consumption, global palm oil production is expected to rise slightly by 0.11% in 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

KUALA LUMPUR (March 19): Palm oil prices are anticipated to pull back to the trading range of RM3,800 to RM4,000 in April this year, according to the Malaysian Palm Oil Council (MPOC). In a statement on Tuesday, the MPOC said a bullish price movement from the current level of RM4,250 is unlikely due to the ample supply of soybeans from South America entering the global market from April onwards, as well as the gradual seasonal recovery of palm oil production domestically. “Palm oil prices were trading at a premium of US$40 to US$95 above soft oils in March. Therefore, a recovery in soft oil prices is anticipated in April to narrow the price spread,” it added. On March 15, 2024, CPO prices had surged to their highest level in 12 months, nearly 10% above the February closing price. MPOC said the strong price trends observed in first quarter of 2024 is predominantly shaped by the deficit supply growth dynamic. “As the low season for palm oil production concludes in March, palm oil ...
Source: Theedgemarkets

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