Crude palm oil price likely to climb next year


Kenanga Research says the palm oil supply-demand trend for 2024 is expected to stay tight.

PETALING JAYA: Analysts are mostly “neutral” on the plantation sector, citing concerns on the latest October palm oil stockpile of 2.45 million tonnes, which is the highest in four years and a lack of notable demand catalysts.

They have pegged the price of crude palm oil (CPO) at RM3,800 to RM3,900 per tonne for 2023, but remain optimistic for the price to climb above RM4,000 per tonne by the first quarter of 2024 on a better export outlook.

Get 20% OFF The Star Digital Access

Monthly Plan

RM 13.90/month

RM 11.12/month

Billed as RM 11.12 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 9.87/month

Billed as RM 118.40 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Hotel ownership, one suite at a time
Price homes affordable at cost
Make cities spongy
Charting a new growth phase
Indonesia faces an investor exodus
Branching out beyond palm oil
Safe havens face fresh test
Indonesia’s burning issue
Stocks favoured despite rising risks
Rate normalisation in focus

Air Pollutant Index

Note: API is calculated based on 24hr running average of the most dominant parameter.

Highest API Readings

    Select State and Location to view the latest API reading

    Others Also Read