Palm oil futures have been falling since November 18th towards an over 1-month low of RM2,600 per tonne, as Malaysia’s palm oil stockpiles continue to recover while demand from India likely fell to a 5-month low. Purchases from the world’s biggest buyer India are expected to drop almost 20% from a month earlier in November amid rising prices and following extra-large festival purchases. Meantime, India lowered in November import tax on crude palm oil to 27.5% from 37.5% to protect local consumers from a rally in global prices.
Historically, Palm Oil reached an all time high of 4298 in March of 2008. Palm Oil - data, forecasts, historical chart - was last updated on December of 2020.
Palm Oil is expected to trade at 2508.63 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 2155.01 in 12 months time.