CPO price to average at RM5,100 a tonne this year in Malaysia

The Malaysian oil palm industry sees a brighter performance this year, which may continue into 2023, supported by stronger demand for the commodity, the Malaysian Palm Oil Board (MPOB) said. Director-general Datuk Ahmad Parveez Ghulam Kadir said the ongoing Russia-Ukraine conflict has disrupted the sunflower oil supply chain globally, causing a surge in the demand for palm oil as a replacement for sunflower oil. The rising prices of soybean oil and Brent crude oil in the world market are also contributing factors that may impact the performance of palm oil, he said. “As such, we expect the price of crude palm oil (CPO) to average at RM5,100 a tonne for this year, 15.7 per cent higher compared to RM4,407.00 a tonne in 2021,” he said in a statement Friday. The average CPO price for January-November 2022 was RM5,167 a tonne, an increase of 18.4 per cent from RM4,363 a tonne in the same period in 2021. CPO prices saw a decline at the beginning of the third quarter of this year due to ...