Malaysian palm oil prices seen recovering next year on Indian and domestic demand

In Malaysia, palm oil prices may head back to $743.5 per metric ton next year thanks to growing demand for domestic biodiesel blending as well as increased demand from India. The country expects India to begin importing palm oil on the back of its new biodiesel blending policy. Last year, India was Malaysia’s largest palm oil export destination, passing even China. The Malaysian Palm Oil Board is preparing to open offices in Mumbai, India and Tehran, Iran to help facilitate more trade.