Palm oil’s changing fortunes signal brighter outlook in 2020


Most industry players see prices of the oil, used in everything from chocolate to shampoo and biofuel, staying at elevated levels in 2020. Benchmark futures may average 2,600 ringgit a ton, the highest in three years, according to the median of 25 estimates in a Bloomberg survey of analysts, traders and plantation executives, versus an average of 2,240 ringgit this year.

KUALA LUMPUR: The tide appears to have turned for the world’s most-consumed edible oil.

Just five months ago, benchmark futures in Malaysia languished at four-year lows as investors fretted about stubbornly high stockpiles, waning demand from top buyers India and China and European restrictions that linked palm oil to environmental harm. Then in October, a trade spat between No. 2 producer Malaysia and India threatened to further hit sales and prices.

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crude palm oil , soy bean , biofuel

   

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