Palm oil prices averaged USD 1,266 per metric ton in October, up 9.9% from September. On 31 October, the commodity traded at USD 1,270 per metric ton, up 3.3% from 30 September.
Weaker supply and strong demand drove October’s rise: Malaysia’s inventories likely declined for the first time in three months due to lower output and rising exports. Additionally, preliminary reports point to surging shipments, as buyers frontloaded purchases ahead of a seasonal output decline.
This chart displays Palm Oil (US$/mt) from 2022 to 2024.
Palm Oil (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Palm Oil | 993 | 955 | 961 | 927 | 999 | 1,037 | 1,082 | - |