Genting Plantations expects palm oil prices to be supported by higher demand

KUALA LUMPUR: Genting Plantations Bhd’s prospects for 2023 will track the performance of its plantation segment, which in turn depends on the movements in palm products prices and its fresh fruit bunches(FFB) production.

“In the short term, the group expects palm oil prices to remain supported by increased demand due to widened discount against other edible oils and increased allocation for Indonesia’s biodiesel mandate, whilst incremental supply is expected to decline in line with the slow down of expansion of new plantings in recent years,” it said in a statement.