KUALA LUMPUR, March 19 (Xinhua) -- Palm oil prices are expected to remain above 4,450 ringgit (about 1,130 U.S. dollars) per tonne in the near term, supported by elevated energy prices amid Middle East tensions, as well as a favourable palm oil-gasoil spread, the Malaysian Palm Oil Council (MPOC) said Thursday.
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, the council said in a statement.
It was noted that vegetable oil prices moved into an uptrend in March after a prolonged consolidation since mid-2025, supported by rising crude oil prices amid logistical disruptions in the Strait of Hormuz, as well as force majeure declarations by several major oil refineries in the Middle East.
Among the major vegetable oils, palm oil has been the price leader, rising 10 percent since the outbreak of the conflict on Feb. 28.
