Reported 25 days ago
Palm oil prices have soared to their highest level in over two years, driven by strong export demand and a rise in crude oil prices. Shipments from Malaysia increased by 11% in October, primarily due to higher exports to India, China, and the EU. The ongoing demand is expected to rise further as Indonesia plans to increase the use of palm oil in its biofuel mix next year. This surge in demand, combined with supply issues from aging palm trees, has contributed to a more than 30% increase in prices this year, with expectations for the rally to continue into early 2025.
Source: YAHOO