UBS sees palm oil falling below $630

In Singapore, UBS expects palm oil prices to fall to less than $630 per metric ton due to an oversupplied vegetable oil market globally. On Wednesday prices hovered just above that level, the lowest since October 2009. Prices fell below $630 in March 2009. Bloomberg data shows that the palm oil discount to soy oil fell to $84.95 on Wednesday, compared to last year’s average of $244.