Palm Oil : Falls to a 14-month low of 3475 Riggint/T, after a leading analyst warned prices would plunge by more than 30% by the end of this year due to ample supply and weaker demand.read more
Dorab Mistry, director of Indian consumer goods company Godrej International, said on Friday that Malaysia’s benchmark Ctude Palm Oil prices will falls to 3,000 MYR/T by end-September and continue to tumbling to its lowest since mid-July 2020 by year-end.
High prices had caused demand destruction. Cargo surveyor Intertek Testing Services said on Sunday that exports of Malaysian palm oil products for September 1-25 rose 20.9% to 1,168,627 tonnes from 966,655 tonnes shipped during August 1-25.
Indonesia’s palm oil exports are set to surge in the second half of the year after the scrapping of export levies, but the annual total will still be lower than last year’s 33.7 million tonnes due to earlier restrictions, the Indonesian Palm Oil Association said.