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Malaysia: Palm oil seen stabilising at RM3,800 per tonne in 2023, MPOB says

RBD Palm Oil
Malaysia
Published Dec 30, 2022

Tridge summary

KUALA LUMPUR (Dec 30): Crude palm oil prices, which have seen volatile price swings this year, are expected to stabilise and average at RM3,800 per tonne in 2023, the Malaysian Palm Oil Board (MPOB) said on Friday (Dec 30).

Original content

"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 expected higher availability of supply of other major vegetable oils," director-general Datuk Dr Ahmad Parveez Ghulam Kadir said. Benchmark crude palm oil futures in the world's second largest producer scaled record highs of RM7,000 a tonne earlier this year due to supply disruptions caused by the Russia-Ukraine conflict, but have since tumbled by more than 40%. MPOB said 2022 palm oil prices averaged at RM5,100, a 15% jump from RM4,407 last year. "Generally, we expect the performance of the Malaysian palm oil industry to be better next year than that of 2022," Ahmad Parveez said in a statement. Malaysia's recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal will encourage demand as it broadens its access to new markets like Canada and Mexico, he said. Production of ...
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