PETALING JAYA: United Plantations Bhd

is hopeful of a satisfactory 2024, buoyed by an increase in palm oil prices in the first quarter of the year (1Q24), while remaining cautious over uncertain global economic growth sentiments.

Reporting that prices of palm oil have recovered from a low of RM3,607 per tonne in early January to about RM4,197 in late March, the group attributed the price escalation to lower-than-expected production in Malaysia and Indonesia resulting in reduced stocks.