KUALA LUMPUR, May 1 — With economies in a cautious mode amid market volatility due to Covid-19, the price outlook for crude palm oil (CPO) is not going to be favourable, gravitating towards the cost of production of between RM1,500 and RM1,800 per tonne, veteran industry analyst Dorab Mistry...
Friday, 01 May 2020 07:43 PM MYT
He said currently the market has discounted to trade at the RM2,000 level per tonne, and this price has yet to unfold post the fasting month of Ramadan, that is June and July onwards. “The pandemic happening across the world has resulted in severe contraction of the economy, hence, destroying demand for biodiesel, which the Indonesian government initially planned for this year, followed by Malaysia,” he said.
It was noted that the implementation Indonesia’s and Malaysia’s biodiesel will likely use up to 10 million tonnes and 1.3 million tonnes of palm oil, respectively. On production, he said in the second half of this year, most of the vegetable oils are going to experience good production, thanks to the climate.
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