UPDATE 1-CPOPC sees 2025 palm oil prices at 4,000-5,000 rgt/T, Malaysia state media reports

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(Adds details throughout) KUALA LUMPUR, Dec 6 (Reuters) - Palm oil prices could range between 4,000-5,000 ringgit ($906.00-$1,133) per tonne in 2025, driven by stagnating production in key markets, Malaysia's state news agency Bernama reported on Friday, citing the Council of Palm Oil Producing Countries (CPOPC). Growing global demand and slower production in Indonesia and Malaysia, the world's two biggest producers, would likely result in a supply shortage that drives prices higher, CPOPC deputy secretary-general Nageeb Wahab was quoted as saying. Current price levels of around 5,000 ringgit per tonne might be temporary, largely influenced by recent floods in Malaysia , he added, Bernama reported. Nageeb said there were efforts to get Thailand, the world’s third-largest producer, to join the CPOPC, which he said would give the group's members control of up to 95% of global palm oil production and significantly strengthen their influence. "Then we will have a stronger voice," Nageeb said, according to Bernama. ($1 = 4.4150 ringgit) (Reporting by Rozanna Latiff; Editing by John Mair) (([email protected]; Reuters Messaging: @rozlatiff on X))
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Published Date
6 Dec 2024 at 3:36 PM
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Refinitiv
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