Speaking at a palm conference in Indonesia, Mielke said global palm oil stocks would peak in November or December this year, before starting to fall in 2019 as growth in output slows.
Reuters
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Prices for palm oil and soy oil are seen rising by $50 to $100 per tonne in the next nine months as palm stockpiles dwindle, leading analyst Thomas Mielke said on Friday.
Speaking at a palm conference in Indonesia, Mielke said global palm oil stocks would peak in November or December this year, before starting to fall in 2019 as growth in output slows.
Mielke reiterated that he estimated Malaysian palm oil prices would trade between 2,200 ringgit ($528) and 2,600 ringgit per tonne in the first-half of 2019.
Sino-U.S. trade tensions will also push up demand for palm, sapping stockpiles, he said.
Meanwhile, Malaysian production will hit 20.2 million tonnes next year, up from an estimated 19.6 million tonnes in 2018, Mielke said.
He estimated Indonesia's 2019 output at 41.5 million tonnes in 2019, rising from the 39.8 million tonnes expected this year.First Published on Nov 2, 2018 12:55 pm
