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Palm oil likely to recover
MUMBAI: Palm oil prices are likely to recover in the second half of 2019, helped by a slowdown in production growth and rising demand from the biodiesel industry, leading industry analyst Thomas Mielke said on Tuesday.
“The combination of accelerating consumption for biofuels and food, and a slowdown in growth in palm oil production will keep palm oil prices higher for the rest of this year and in 2020,” said Mielke, editor of Hamburg, Germany-based newsletter Oil World.
Benchmark palm oil prices have shed almost 3 per cent so far this year to a near four-year low at 1,916 ringgit earlier this month. Prices have since risen and closed on Monday at 2,061 ringgit.
Published in Dawn, July 31st, 2019
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