Indonesia's biodiesel policy, dry weather to keep palm oil prices elevated

KUALA LUMPUR : Indonesia's biodiesel policy and the likely emergence of the El Nino weather pattern could further strain global inventories of the most used cooking oil, lifting prices later this year, leading industry officials and analysts said at a conference.

"Rising demand and limited growth in supplies would bring us into a global production deficit in July to December this year and January to June 2024," said Mielke, who heads Hamburg-based research firm Oil World. Dorab Mistry, the director of Indian consumer goods company Godrej International, expects Malaysian palm oil to trade between 4,000 and 5,000 ringgit per tonne from now until August.

Malaysia and Indonesia are already grappling with La Nina-induced wet weather conditions and flooding that have curtailed production in the past few months.

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