MPOA: The average price of horse palm oil futures in 2024 is expected to be 3,850-4,000 ringgit/ton

Golden Ten Futures, July 15, according to foreign media reports, the Malaysian Palm Oil Association (MPOA) said on Monday that the average price of horse palm oil futures this year is expected to be between 3,850-4,000 ringgit per tonne, slightly higher than the average price of 3,800 ringgit in 2023. This forecast reflects the ongoing market dynamics and supply and demand balance in the palm oil industry. The production of crude palm oil in January-June 2024 increased by 10% year-on-year to 8.88 million tons. The increase in production in Peninsular Malaysia offset the impact of the decline in production in Sabah. However, the decline in rainfall in the first half of 2024 may affect production in the second half of the year. Sabah's ability to increase production in the second half of this year will be key in determining whether production can break through the 19 million tonne mark.