Refined palm olein to average 23% higher in first half 2025, analyst Mielke says
Adds details, background
MUMBAI, Sept 20 (Reuters) -Refined, bleached and deodorized (RBD) palm olein prices in Malaysia will average $1,100 per metric ton on a free-on-board (FOB) basis in the first half of 2025, up 23% from a year ago, leading industry analyst Thomas Mielke said on Friday.
Higher prices of RBD palm olein could boost demand for crude palm oil and support benchmark Malaysian palm oil futures FCPOc3. POI/
Palm oil output of top producer Indonesia is likely to fall by up to 1.5 million metric tons in 2024 amid rising local demand for biodiesel, which will reduce exports and support prices, Mielke told the Globoil India conference.
Last month, Indonesia's energy ministry said it plans to raise the share of palm oil in biodiesel to 40% in January 2025 from the current 35% to reduce fuel imports and emissions from fossil fuels.
Argentina's soyoil prices could average $1,130 per ton on a FOB basis in the January to June period next year, up 27% from a year ago, Mielke said.
Sunflower oil prices in the Black Sea region could average $1,220 per ton, up nearly 51% from a year ago, as output in leading producers Russia and Ukraine is likely to fall, he said.
Reporting by Rajendra Jadhav; Editing by Christian Schmollinger and Tom Hogue
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