Malaysian palm oil futures tumbled around the MYR 3,500-per-tonne mark, close to not seen since June 2021, pressured by prospects of increasing supplies and weak global demand. The output from Indonesia and Malaysia, the world's top producers, is expected to rise sharply over the following months as both countries enter the peak production season. Malaysia's palm oil inventories at the end-August surged roughly 15% to 2.03 million tonnes, the highest since April 2020, while exports from the country are seen lower. Adding to the bearish outlook, essential buyer China imposed new coronavirus-induced restrictions in several cities, raising concerns over demand for the edible oil. On top of that, rival Indonesia extended the export waiving levy until the end of October, which, coupled with high export volumes, will boost exports from the world's largest producer.
Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on September of 2022.
Palm Oil is expected to trade at 3756.44 MYR/MT by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 3318.35 in 12 months time.