Malaysian palm oil futures bounced back above MYR 4,700 per tonne in early December, as investors weighed tightening November stockpile against concerns over potential slowing demand for global edible oils. A Reuters survey showed that Malaysia's palm oil stockpile at the end of November likely fell 3.5% from the previous month to a four-month low of 1.77 million tonnes. At the same time, production likely rose 1%, while exports were forecast to grow 11.9%. Investors now await the closely watched Malaysian Palm Oil Board data to be released on Friday. Elsewhere, top palm oil producer Indonesia set its crude palm oil export reference price higher in December, making Malaysia's crude palm oil more attractive. Last week, palm oil hit the lowest level since early October, as investors feared that the Omicron coronavirus variant could further hit the global economic recovery.
Historically, Palm Oil reached an all time high of 5220 in October of 2021. Palm Oil - data, forecasts, historical chart - was last updated on December of 2021.
Palm Oil is expected to trade at 4198.31 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 4745.75 in 12 months time.