Palm oil prices averaged USD 1,073 per metric ton in March, up 9.5% from February. On 29 March, the commodity traded at USD 1,105 per metric ton, up 8.9% from 29 February.
Palm oil traded higher in March due to stronger demand as rival vegetable oils prices rose. Higher crude oil prices also stoked palm oil demand in March. In addition, waning inventories and shipments from key exporter Malaysia sparked supply fears and further boosted buying activity from China, India and the Middle East.
This chart displays Palm Oil (US$/mt) from 2022 to 2024.
Palm Oil (prices in US$/mt, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Palm Oil | - | - | - | - | - | 1,659 | 1,118 | 1,045 |