Malaysia: CPO prices up 3% to RM4,005 per tonne amid mixed performance in first eight months of 2024

KUALA LUMPUR (Oct 20): Malaysia’s palm oil industry chalked up mixed performance in the first eight months of the year, marked by higher prices and output, plus a notable yield improvement. However, it faced challenges such as a decreased planted area and a slight decline in the oil extraction rate. The industry recorded higher exports and revenue during the period due to an increase in global palm oil prices, the Malaysian Palm Oil Board (MPOB) said on Sunday. Between January and August, crude palm oil (CPO) prices rose by 3.1%, or RM121.50, to a high of RM4,005.50 per tonne from RM3,884 in the same period last year, MPOB director general Datuk Dr Ahmad Parveez Ghulam Kadir told Bernama. While the industry faced challenges related to the planted area and oil extraction rate (OER), he said it experienced notable improvements in the yields of fresh fruit bunches (FFB), CPO production, and a strong performance in export volume and revenue. The world’s most used edible oil globally, ...