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PALM OIL SUPPLY AND DEMAND OUTLOOK REPORT 2022 www.cpopcPALM OIL SUPPLY AND DEMAND OUTLOOK REPORT 2022 2021ataglance Like many other commodities, palm oil experienced high prices throughout 2021. Pricing had more than doubled, over the past 18 months, to a record high of US$1,213.85 a tonne in October 2021. In November and December, however, prices dipped and weighedon 2021's averagepricing to US$1,000 per tonne. The high prices can be arguably attributed to lower palm oil output. For the most of 2020 and throughout 2021, Malaysia's Covid-19 pandemic-led border closures had starved the country's oil palm estates of many foreign workers who had gone back to their home countries and could not enter Malaysia. The CPOPC also sees structural changes in the global palm oil supply due to a slowdown in new plantings throughout Indonesia and Malaysia since 2015. With the ageing palm tree profile across both countries, the replanting programme will also temporarily limit palm oil supply in the short to medium term. As agricultural land becomes limited, oil palm replanting is key to boosting palm oil yield across Indonesia and Malaysia. It