KUALA LUMPUR: Crude palm oil will trade between RM3,900 and RM4,500 per tonnes until June this year as supplies are expected to tighten in the second quarter, Godrej International analyst Dorab Mistry said.
The global vegetable oil demand from the food and energy sectors is expected to rise by six million tonnes in 2023-2024.
Supplies, however, are projected to increase by only 3.1 million tonnes, Mistry said during his presentation on "Price Outlook for Palm & Laurice Oils 2024" at an international conference here today.
He attributed the biggest influencing factors to North American weather, palm production and biofuels mandates.
"Palm production in Southeast Asia is not meeting expectations," he remarked.