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MPOC: Palm oil prices may remain above 4,450 Ringgit per ton
The Malaysian Palm Oil Council (MPOC) stated in a report that recent palm oil prices are expected to stay above 4,450 ringgit per ton, thanks to solid energy prices and favorable palm oil-gasoline spreads. Vegetable oil prices are on the rise, with palm oil increasing during the Middle East crude oil supply disruptions. Higher crude oil prices could boost the appeal of palm oil as a biofuel alternative. However, MPOC added that weak global economic growth and geopolitical uncertainties in the Middle East may delay purchases from key buyers, potentially further limiting the upside.