Malaysia expects the average price of palm oil in 2024 to be RM4000-4500 per ton

Malaysia expects the average price of crude palm oil (CPO) in 2024 to be between 4,000 ringgit ($848.36) and 4,500 ringgit per metric ton, the government said on Friday.

According to a government report published alongside the 2024 budget, this estimate was higher than this year’s average price of 3,500 to 4,000 ringgit per ton, Reuters writes.

Palm oil production is expected to increase next year due to the minimal impact of the El Niño weather phenomenon and improved working conditions, the report said.

Malaysia is the second largest palm oil producer in the world after Indonesia.

Tags: prices, Malaysia, palm oil