Malaysian palm oil futures rose 5% to RM4,095 a tonne this week, extending gains for the fourth consecutive week which is the longest winning streak since early January boosted by higher exports and prospects of slow output growth. Exports of Malaysian palm oil products for July 1-15 rose 3.8% to 682,426 tonnes from June 1-15, cargo surveyor Societe Generale de Surveillance said on Thursday. At the same time, plantations in Malaysia are entering the seasonal higher production period, but lack of manpower and coronavirus-led lockdown restrictions hamper harvesting.
Historically, Palm Oil reached an all time high of 4525 in May of 2021. Palm Oil - data, forecasts, historical chart - was last updated on July of 2021.
Palm Oil is expected to trade at 3948.72 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.