China lockdowns overshadow palm oil outlook despite slow output

Malaysia’s benchmark palm oil price is expected to trade between RM3,500 to RM4,500 per tonne in the period from now until the end of March next year.

NUSA DUA: The global outlook for palm oil remains uncertain, with strict pandemic policies in major importer China weighing on demand, while high energy prices and a slowdown in output provide support, leading industry analysts say.

Malaysian benchmark futures earlier this year had surged to record levels of more than RM7,200 per tonne due to top producer Indonesia’s export restrictions, which culminated in a three-week export ban late in April.