Palm oil price forecast to increase to RM2,500

Higher supply: A worker collects palm oil fruits at a plantation in Klang. CGS-CIMB Research has increased this year’s palm oil supply forecasts for Malaysia by 2% to 19.48 million tonnes from 19.1 million tonnes. — Reuters

KUALA LUMPUR: CGS-CIMB Research has raised its 2020 crude palm oil (CPO) price forecast to RM2,500 from RM2,300 per tonne as the price rallies.

Spot prices climbed to as high as RM2,936 per tonne on Sept 3 from its year-to-date low of RM2,021 per tonne on May 12.