The year 2020 has been a remarkable and volatile one for crude palm oil (CPO) prices, Dr Julian McGill, head of Southeast Asia at LMC International, told the Virtual POC2020 conference on 27-28 October.Hovering around US$550/tonne in January 2019, the price drifted slowly downwards for the next six months before rising rapidly due to more severe drought concerns in Indonesia, to hit a level of more than US$700/tonne in January 2020 (see Figure 2, p26). Then came COVID-19 lockdowns, leading to prices bottoming out in April 2020. Surprisingly, however, prices rebounded, reaching almost US$700/tonne in October.
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