KUALA LUMPUR: Crude palm oil prices are expected to remain firm above RM4,600 per tonne in November, supported by seasonal production declines, resilient biodiesel demand and tighter global supplies of competing vegetable oils, the Malaysian Palm Oil Council (MPOC) said.
The council said India's recent reduction in vegetable oil import duties was also expected to support a recovery in palm oil imports in the coming months, while lower availability of sunflower and soybean oils could strengthen demand for palm oil.
However, the outlook remains subject to downside risks, including easing energy prices and weaker-than-expected global vegetable oil consumption for food amid persistent inflationary and economic pressures, MPOC said in a statement.
