Palm oil prices hit two-year high following Malaysian floods
Palm oil prices are at the highest level since June 2022 after heavy rain and flooding hit Malaysian producers last month. Benchmark futures for the world’s second largest producer of the commodity reached US$1,170 per tonne last week.
According to a report published by Nikkei Asia, October’s yield was also down 7 percent on the same period in 2023.
With production volume reduced in Malaysia and Indonesia upping export tariffs, supply is tight, sending prices high, Nikkei Asia reports.
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