Prices of palm oil could climb in the next three months with the biggest global producers Indonesia and Malaysia likely increasing bio-diesel content in automotive fuels, constraining supplies of the commodity to the food industry.
Also, oilseed crop damage due to heavy rains across the country has pushed up prices of edible oils in the past few weeks
In addition, China has bought significant volumes of palm oil ahead of the Chinese New Year. This, too, has firmed up prices.
The cutback in fertiliser application in 2018 is also impacting output this year. Production of crude palm oil fell 11% last month from October to 1.61 million tonnes, according to the survey, the lowest since June and the weakest for the month since 2016. November production usually averages at about 1.75 million tonnes.
Stock: [RSAWIT]: RIMBUNAN SAWIT BHD
2019-12-10 10:26 | Report Abuse
Prices of palm oil could climb in the next three months with the biggest global producers Indonesia and Malaysia likely increasing bio-diesel content in automotive fuels, constraining supplies of the commodity to the food industry.
Also, oilseed crop damage due to heavy rains across the country has pushed up prices of edible oils in the past few weeks
In addition, China has bought significant volumes of palm oil ahead of the Chinese New Year. This, too, has firmed up prices.
The cutback in fertiliser application in 2018 is also impacting output this year.
Production of crude palm oil fell 11% last month from October to 1.61 million tonnes, according to the survey, the lowest since June and the weakest for the month since 2016. November production usually averages at about 1.75 million tonnes.