SINGAPORE/JAKARTA: Palm oil demand next year may be restrained by higher prices, leading palm analyst Dorab Mistry told a virtual conference on Thursday.
If Malaysia keeps duty free palm exports in the January-March period next year, benchmark palm oil prices are likely to jump to as high as 4,000 ringgit per tonne in January next year, he added.
Malaysian palm production likely stood at 19.2 million tonnes this year, while Indonesian palm oil production was only a million tonnes higher than in 2019, he said.
In 2021, Mistry estimates Malaysian palm oil production will be 20 million tonnes and Indonesia’s at 50 million tonnes.
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