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Agriculture

Palm oil faces headwinds amid China lockdowns, EU phaseout

Indonesia sees 'stable' prices in coming months, but future outlook dim

Trucks with fresh palm oil fruit at a factory in West Aceh, Indonesia on May 17.   © Antara Foto/Reuters

BALI, Indonesia -- Market uncertainties and slowing economies are clouding the outlook for global palm oil demand, with prices expected to decline next year after having hit record highs in the wake of Russia's invasion of Ukraine.

Some industry players and analysts who gathered at the Indonesia Palm Oil Conference on the resort island of Bali last week forecast that Malaysian palm oil futures for delivery in three months -- a global benchmark of the commodity -- to hover between 3,500 ringgit ($738) and 5,000 ringgit per tonne through the first quarter of 2023.

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