KUALA LUMPUR (Reuters) - Global edible oil prices are nearing their peak but may be slow to decline to previous levels due to low stocks, a slow recovery in output and higher global use in biofuel production, leading analysts said on Wednesday.
FILE PHOTO: A mini tractor grabber collects palm oil fruits at a plantation in Pulau Carey, Malaysia, January 31, 2020.
World palm oil supply is expected to expand by 3 million tonnes in 2021 after suffering a decline of 2.5 million tonnes last year, Mistry added.
Graphic: Global edible oil output, demand, imports & stocks -The modest recovery in global palm oil supply will limit the price decline, said Thomas Mielke, head of Hamburg-based analyst firm Oil World.
Palm oil, the world’s cheapest and most widely used edible oil, is found in everything from biscuits to biofuel.
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