Malaysia expects average palm oil price of 4,000-4,500 ringgit/ton in 2024

Malaysia expects the price of crude palm oil (CPO) to average between 4,000 ringgit ($848.36) to 4,500 ringgit per metric ton in 2024, the government said on Friday.

The estimate was higher than the 3,500 to 4,000 ringgit per ton average price seen for this year, according to a government report released alongside the 2024 budget.

Palm oil production was expected to increase next year due to minimal impact from the El Nino weather phenomenon and better labour conditions, the report said.

Malaysia is the world’s second-largest producer of palm oil.

On Thursday, the closing CPO price FCPOc3 was 3,637 ringgit ($772.19) ringgit per ton.
Source: Reuters (Reporting by Rozanna Latiff; Editing by Martin Petty)