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

RBD Palm Oil

Malaysia

Market & Price Trends

Published Nov 8, 2023

Tridge summary

Malaysia's production of palm oil is expected to remain stable this year compared to 2022, with the price of crude palm oil at around RM4,000 per tonne, according to the Malaysian Palm Oil Board. The country's crude palm oil production for the first nine months of 2023 is only slightly lower than the same period last year. Demand for palm oil is expected to increase ahead of the festive season, with India restocking for Deepavali and China and Muslim countries for Chinese New Year and Ramadhan and Hari Raya Aidilfitri.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

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 ...

Source: Theedgemarkets