Commodities: Palm oil output to recover: Industry body
Business Times
Wednesday - October 31, 2007
by Ooi Tee Ching
All states, except for Sabah,
In the first three quarters of the year,
All states, except for Sabah,
“This year, we’re going through the downcycle of palm fruit production. This is normal. It happens every few years,” Malaysian Palm Oil Council (MPOC) chief executive officer Tan Sri Yusof Basiron said.
“Next year, we should see a rebound. The trees will recover and produce more,” he told reporters after an official visit to The New Straits Times Press (M) Bhd in
Despite the oil palm trees producing less fruit, exporters can look forward to RM40 billion receipts by year-end, thanks to rising CPO prices.
“In the first nine months, we’ve already shipped out RM30.44 billion of palm oil. So , we are on track to achieve RM40 billion by year-end,” he said.
“The higher CPO is traded, the more our exporters receive. Since two weeks ago, CPO has been selling for more than RM2,700 per tonne. Despite the extremely high palm oil prices, there is still strong demand,” he added.
Yesterday, the third-month benchmark January contract on Bursa Malaysia Derivatives Exchange closed at RM2,862 per tonne. On Monday, it closed at the highest price of RM2,910 per tonne, partly driven by rival producer
Top five buyers of Malaysian palm oil in the first nine months were
