Palm Oil Regains Toward Around 3,500 Ringgit But Trading Looks Low

palm oil

Malaysian Palm Oil :  Were trading around the MYR 3,500 per tonne mark, recovering from an over 1-1/2-low of MYR 2,220 reached in September, amid prospects of more robust demand from top buyer China due to easing coronavirus-induced restrictions.

Exports of Malaysian palm oil  trading products for September rose by roughly 10% compared to August, cargo surveyor Intertek Testing Services said, while independent inspection company AmSpec Agri Malaysia reported a similar rise for that period.

Still, concerns about oversupply and mounting fears about a global recession-driven demand downturn should limit any significant upside momentum. Read More..

Dorab Mistry, director of Indian consumer goods company Godrej International, warned that Malaysian palm oil prices could plunge by more than 30% to around MYR 2,500 by year-end. Meanwhile, rival Indonesia’s palm oil exports are poised to surge in the year’s second half after the country scrapped export levies.