Indonesia's domestic crude palm oil prices also suffered because of the immense oversupply and difficulties in restarting exports, said Julian McGill, LMC International's head of the Southeast Asia region at an industry conference.
KUALA LUMPUR: Palm oil prices will weaken further in the short term due to softer demand and "distress selling" by top producer Indonesia, commodities consultancy LMC International forecast on Tuesday.
Malaysia's benchmark crude palm oil prices FCPOc3 rose to record highs earlier this year as Russia's invasion of Ukraine and a temporary export ban by Indonesia tightened global edible oil supply.
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