Malaysian Palm Oil Board (MPOB) has released the latest palm oil inventory data in Malaysia. With inventory standing at multi-months low, climate effects causing lower-than-forecasted yield in both soybean and palm seeds, coupling with implementation of higher percentage biodiesel in both Malaysia and Indonesia in 2020, CPO future is riding on a strong momentum. China Dalian Commodity closed FCPO with new high at 6470 Reminbi/mt.

There are fears of boycott from countries like India and also EU. Many did not believe, and still do not believe, that CPO can go so far. They doubted when it was at RM2200/mt, then RM2500/mt and now above RM3000/mt. The market does not care what we believe in, but reacts solely on data from the dynamics of supply and demand. So I always believe we should not guess/estimate outcomes as we are not the wizard looking into a crystal ball.

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