KUALA LUMPUR: Fitch Ratings expects Malaysian benchmark crude palm oil (CPO) spot prices to average at US$650 per tonne in 2024, substantially lower than circa-US$840 per tonne in 2023 due to higher supply.
It said prices have declined to below US$800 per tonne in December 2023, after strengthening in November on market concerns that the El Nino climate pattern would have a major impact on global vegetable oil supply.
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