Threats to Palm Oil's Reign in Global Markets

Currently, soybean and sunflower oil are on discount, making them more affordable compared to palm oil or CPO.

Wibi Pangestu Pratama

13 Feb 2024 - 11.22
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Threats to Palm Oil's Reign in Global Markets

Residents check after harvesting palm oil in Bogor Regency, West Java, Tuesday (16/2/2021)./BISNIS-Arief Hermawan

Bisnis, JAKARTA — Currently, soybean and sunflower oil are on discount, making them more affordable compared to palm oil or CPO. This situation raises the possibility of CPO global consumers shifting towards other oil options, which could serve to constrain price hikes.

According to Reuters, Malaysian palm oil futures prices have surged by nearly 5% in 2024, marking a notable recovery from last year's 11% decline.

The upswing in palm oil prices is attributed to the prevailing drought conditions induced by El Niño, which have constrained CPO production in Indonesia and Malaysia, the two leading palm oil producers.

CEO of Glentech Group Vipin Gupta highlighted that traditionally, soybean oil commands a higher price compared to palm oil. However, a record soybean harvest in South America led to a surge in supply, consequently driving down the price of soybean oil.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.