Palm oil’s revival has further to go as output slows

Going strong: Benchmark futures will likely average RM2,350 a tonne this quarter and RM2,400 in the first three months of next year. — AFP

BALI: Palm oil investors are cheering after a spectacular rally propelled prices into a bull market, and now traders are betting that the rebound has longer to run.

Benchmark futures will likely average RM2,350 (US$564) a tonne this quarter and RM2,400 in the first three months of next year, according to the median estimate in a Bloomberg survey of 11 traders, analysts and plantation executives.