MPOB expects CPO to hover around RM4,000 per tonne in Malaysia

KUALA LUMPUR (Nov 7): There will be little change to Malaysia’s production of palm oil for this year as compared with 2022, with the price of crude palm oil hovering around RM4,000 per tonne, according to the Malaysian Palm Oil Board (MPOB). “As we move towards year-end, we are still hoping that we can get more than what we achieved last year, which is 18.5 million tonnes,” MPOB director-general Datuk Ahmad Parveez Ghulam Kadir said. Ahmad Parveez said the country’s crude palm oil (CPO) production for the first nine months of 2023 is just 0.5% lower than the same period last year. He said this at the MPOB International Palm Oil Congress and Exhibition (PIPOC 2023) here on Tuesday. Ahmad Parveez noted that September and October usually would be good months for production, but the recent changes in the weather pattern have changed it. He also said that the effect of El Nino would only be seen in the next six months. Meanwhile, Ahmad Parveez said CPO demand is expected to increase ...