MUMBAI: Palm oil prices are likely to strengthen further as excessive rain in key producing countries curbs output, while demand increases for its use in food and biofuels, industry officials said. Palm oil prices have climbed by around a fifth this month but are still trading far below an all-time high set in March. "The way demand has been shifting towards palm oil from other edible oils, it's very likely that palm oil (prices) would move higher." The Black Sea region accounts for 76% of world sunflower oil exports and any disruption could result in more palm oil demand, said Sandeep Bajoria, chief executive of broker Sunvin Group. "Indonesian levies would make palm oil more expensive at a time the world is struggling to secure sunflower oil," said a New-Delhi based dealer.

Source: The Star October 21, 2022 20:24 UTC