‘Palm Oil To See Rangebound Trade’

Palm oil prices are expected to trade rangebound in the second half of 2010, says Malaysian Palm Oil Board (MPOB) chairman Datuk Seri Utama Shahrir Abdul Samad.

“We expect prices to trade between RM2,200 and RM2,500 a tonne,” he told a media briefing in Kuala Lumpur yesterday.

With uncertainties in the global economy affecting demand for edible oils, he described the price outlook as positioned at a comfortable level.

MPOB, in releasing the palm oil export data for June yesterday, said that exports of palm oil rose by 5 per cent from RM1.36 million in May to RM1.44 million in June, while exports of palm kernel oil, palm kernel cake and biodiesel dropped during the month.

Stocks also dropped by 7 per cent from 1.56 million tonnes in May to 1.45 million tonnes in June.

Source: Business Times

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