KONTAN.CO.ID - KUALA LUMPUR. Benchmark palm oil prices will not rise above 3,300 ringgit per tonne in the first half of 2020 and the commodity's recent rally has eliminated its competitive edge over rival edible oils, a top industry analyst said on Thursday. Prices on the Bursa Malaysia exchange have gained 36 percent since October, to hit a three-year high of 3,150 ringgit this week, helped by lower production and higher demand for biodiesel in top producers Indonesia and Malaysia. "Crude palm oil prices are now near the top of the price band," James Fry, chairman of commodities consultancy LMC International, told an industry conference.
Crude palm oil seen capped at 3,300 ringgit for next 6 months
KONTAN.CO.ID - KUALA LUMPUR. Benchmark palm oil prices will not rise above 3,300 ringgit per tonne in the first half of 2020 and the commodity's recent rally has eliminated its competitive edge over rival edible oils, a top industry analyst said on Thursday. Prices on the Bursa Malaysia exchange have gained 36 percent since October, to hit a three-year high of 3,150 ringgit this week, helped by lower production and higher demand for biodiesel in top producers Indonesia and Malaysia. "Crude palm oil prices are now near the top of the price band," James Fry, chairman of commodities consultancy LMC International, told an industry conference.