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Malaysia’s crude palm oil price for 2022 projected to be 15.7 percent higher on year

RBD Palm Oil
Malaysia
Published Dec 31, 2022

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Malaysian Palm Oil Board (MPOB) has on Friday projected the crude palm oil (CPO) prices to average at 5,100 ringgit (1,157 U.S. dollars) per tonne this year. Its director-general Ahmad Parveez Ghulam Kadir said in a statement that the prices are 15.7 percent higher compared to 4,407 ringgit (1,000 U.S. dollars) per tonne in 2021.

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According to MPOB, the average price of CPO for January to November 2022 was 5,167 ringgit (1,173 U.S. dollars) per tonne, an increase of 18.4 percent compared to 4,363 ringgit (990 U.S. dollars) per tonne for the same period in 2021. Parveez said several factors may contribute to the expected better performance, especially a stronger demand for palm oil. He 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. Rising prices of soybean oil and Brent crude oil in the world market are also contributing factors that may impact the performance of Malaysian palm oil, he added. “We foresee the price of CPO to stabilize and average at 3,800 ringgit (862.6 U.S. dollars) a tonne in 2023,” said Parveez. According to him, this is in anticipation of higher palm oil production, weather conditions which are expected to improve especially in the second half of next year and ...
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