KUALA LUMPUR: Malaysia’s crude palm oil (CPO) futures benchmark price may trade higher in June and July at RM2,400 per tonne if the world’s second largest edible oil producer maintains its higher export figures, including its export to India, Palm Oil Analytics owner and co-founder Dr Sathia Varqa said.
However, as production reach its peak from August until October, the commodity price may falls slightly to RM2,200 per tonne.
For the month of March for example, Malaysia only exported 10,806 tonnes of palm oil to India, a whopping 97 per cent slump from a year earlier and the lowest monthly total in board data going back to 2000. Malaysia’s production is expected to go down to 19 million tonnes in 2020 from 19.85 million in 2019 while Indonesia’s production is likely to remain unchanged, at 45 million tonnes.
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