Bearishness engulfs the palm oil market – OCBC

FXStreet Team FXStreet

Palm prices fell below the critical support of 2000 MYR/mt last Thursday, widening the soyoil-palm oil spread to its largest since Oct 2019, Howie Lee from OCBC Bank briefs.

Key quotes

“With 2000 MYR/mt level now broken, expect prices to head towards 1800 MYR/mt – the cost of production for small shareholders in Indonesia.”

“We think given the widening soy oil-palm oil spread and the return of India and China for palm imports and an impending drought in Indonesia, prices should not stay below 2000 MYR/mt beyond June, if not this month.”

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