Malaysian palm oil futures were at MYR 3,320 per tonne after rising to as high as MYR 3,380 last week, as traders returned from holidays amid caution ahead of an industry survey for May inventories. Meantime, cargo surveyors indicate that Malaysian exports contracted between 0.8% and 1.8% last month. Market players also weighed on concerns about soaring output levels in the top producer, Indonesia. Jakarta has set its crude palm oil reference price at $811.68 per tonne for the period of June 1-15. The new reference price would place CPO export tax at $33 per tonne and levy at $85, lower than the previous period. In India, palm oil imports sank to a 27-month low in May as buyers canceled expensive cargoes of edible oil and replaced them with cheaper soy oil and sunflower oil, Reuters said.
Historically, Palm Oil reached an all time high of 7268 in March of 2022. Palm Oil - data, forecasts, historical chart - was last updated on June of 2023.
Palm Oil is expected to trade at 3248.80 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 2882.30 in 12 months time.