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Palm Oil Prices Hit Record High

Oct 05 2021 at 12:54
posts 38
Malaysian palm oil futures continued to rise and hit a record high of MYR 4,742 per tonne in October, after gaining 8% in September, amid tight supply and prospects of strong demand. Palm oil inventories in Malaysia are seen falling in September from a 14-month peak in August, due to rising exports mainly to India ahead of the festival season. At the same time, Indonesia raised its palm oil export duty for September to $166 a ton from $93. Meanwhile, palm oil is also benefiting from soaring energy prices amid a global energy crisis.

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