World Bank Predicts Palm Oil Prices to Strengthen in 2024

Economics & Macro

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Adi Ahdiat 29/04/2024 15:57 WIB

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The World Bank projects that the average price of refined, bleached, deodorized (RBD) palm oil will reach US$905 per ton in 2024, a 2.1% increase compared to 2023.

Average Annual Price of RBD Palm Oil (2021-2024)

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World Bank Predicts Palm Oil Prices to Strengthen in 2024

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Average Annual Price of RBD Palm Oil (2021-2024)

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The World Bank projects the average price of refined, bleached, deodorized (RBD) palm oil to reach US$905 per ton in 2024.

This represents a 2.1% increase compared to 2023, but remains lower than the average price in 2021-2022.

According to the World Bank, the increase in palm oil prices reflects a decline in production from major producing countries in Southeast Asia.

"Palm oil prices are expected to rise in 2024 due to weaker production in Southeast Asia and tightening stocks," stated the World Bank in its April 2024 edition of the *Commodity Markets Outlook* report.

"However, palm oil prices are predicted to fall in 2025, as supply improves following the weakening of the El Niño weather phenomenon," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."