Palm oil price outlook revised upwards as output disappoints

Dorab Mistry(pic), director of Indian consumer goods company Godrej International Ltd, told an industry conference last Friday that the palm market started rallying after Indonesia released its biodiesel allocation decree indicating 9.59 million kilolitres (KL) of biodiesel consumption next year.

NUSA DUA, Indonesia: Top palm oil industry analysts have revised up their price outlook for the edible oil, pointing to reduced production and optimism that Indonesia’s so-called B30 biodiesel programme will help bolster demand.

Analysts, however, warned that fully implementing the B30 programme might be tricky for the world’s top exporter Indonesia an output slowdown is expected to persist into 2020.