Palm oil set for better fortunes after pandemic

TheStar Thu, Jul 02, 2020 09:51am - 3 years View Original


Bright outlook: A worker sprays pesticide around oil palm trees at IOI Corp’s Gomali oil palm estate in Gemas, Johor. Palm oil is heading for a recovery in the second half on improving global demand and dwindling output. — Bloomberg

KUALA LUMPUR: Palm oil is heading for a recovery in the second half on improving global demand and dwindling output, months after the coronavirus shattered the tropical oil’s stunning bull run.

Demand for the world’s most-consumed cooking oil, used in everything from chocolate to ice-cream, lipstick and shampoo, is poised to recover as lockdowns across the globe begin to ease and major consumers, including China and India, are boosting purchases to replenish stockpiles.

The Malaysian Palm Oil Council predicts prices will hit a peak of RM2,594 per tonne in the second half, and average at RM2,337 this year, if Indonesia and Malaysia proceed with their biodiesel blending mandates as planned, and Europe’s oilseed production eases, paving way for buyers to switch to palm.

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