Bullish sentiment is based upon Chinese demand for palm oil, Fitch Solutions says, as the world’s second-largest economy reopens post-Covid. – The Malaysian Insight file pic, March 2, 2023.
“However, we note that risks to our outlook for 2023 are weighted toward the upside at present, palm oil prices having averaged RM3,977 per tonne through the year-to-date,” it said in a report today. “Nevertheless, a factor that will cap further palm oil price increases is the accumulation of edible oil inventories in India, the second-largest consumer and largest importer of edible oils globally,” it explained.
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