Boost in demand for palm oil seen on supply recovery

Kenanga Research said palm oil supply should recover this year, with crude palm oil (CPO) prices likely to remain firm in 2023 and 2024.

PETALING JAYA: The demand for palm oil is expected to recover, underpinned by an increasing need within Asia-Pacific, better affordability and improving global biofuel policies.

Kenanga Research said in a report that recovery in the edible oil supply market has been subdued so far this year, with South America, particularly Argentina, reporting smaller-than-expected soybean surplus.