Global edible oil prices near their peak, but retreat may be slow

"For 2021, my (production) estimate has been trimmed from 20 million tonnes to 19.6 million tonnes in Malaysia and from 49 million to 48 million for Indonesia," Dorab Mistry, (file pic) director of Indian consumer goods company Godrej International, said

KUALA LUMPUR: Global edible oil prices are nearing their peak but may be slow to decline to previous levels due to low stocks, a slow recovery in output and higher global use in biofuel production, leading analysts said on Wednesday.

Major vegetable oil prices such as palm oil and soybean oil have likely already peaked at multi-year highs in 2021, lifted by a cocktail of production hiccups, recovering food consumption and an upbeat outlook for biofuel demand, leading industry analysts said at the Virtual Palm and Lauric Oils Price Outlook Conference.