Producers have cried foul over a draft law submitted by the EU Commission that classifies palm oil from large plantations as unsustainable.
KUALA LUMPUR: Plans to increase the use of palm-based biodiesel, production growth, trade talks and Europe’s unfriendly policies will be the key points to watch as some of the world’s most influential palm oil traders, analysts and executives from over 50 countries gather in Kuala Lumpur this week.
Market participants will want to know the progress of the use of palm oil in biodiesel, especially in Indonesia, as it’ll be vital in reducing the supply glut and steering price direction, according to Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based broker and consultant for the industry. If consumption falls below expectations, prices could slump to RM2,000 a metric tonne, he said.
On top of the price outlook, market players will be looking for production forecasts for top growers Indonesia and Malaysia, and will want to know whether El Nino is still in the picture. Output in those countries will grow by less than 4% in total in 2019 as palm trees enter their low production cycle, with Indonesian production rising more than Malaysia’s, Golden Agri Resources said last week.
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