KUALA LUMPUR: Crude palm oil prices are expected to remain above 4,450 ringgit ($1,130) per metric ton in the near term due to rising energy prices and uncertainty in the Middle East, the Malaysian Palm Oil Council said on Thursday.
Palm oil prices will be supported by elevated energy prices and a favourable palm oil-gasoil spread, the council said.
“However, weaker economic growth and heightened price volatility arising from uncertainties in the Middle East may temporarily delay imports from major markets, potentially capping the price rally,” it added.
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