Palm Set for Best Year Since 2011 With La Nina in Spotlight Bloomberg 1/15/2021 Anuradha Raghu and Eko Listiyorini (Bloomberg) -- Palm oil prices are set to have their best annual showing in a decade even as the coronavirus pandemic rages on. Benchmark futures for the tropical oil, used in everything from cooking oil to shampoo, will average 3,200 ringgit ($791) a ton in 2021, the highest in a decade, according to the median of 23 estimates in a Bloomberg survey of analysts, traders and plantation executives, versus 2,700 ringgit last year. A bullish cocktail of La Nina-linked flooding and shrinking inventories in Malaysia is bolstering the market, but prices may come under pressure in the second half as production of palm, as well as soybean oil, rebounds. Food and fuel demand is shrouded in uncertainty as the virus persists in key markets.