Ministry optimistic of CPO price reaching RM2,600

KUALA LUMPUR (Aug 4): The Ministry of Plantation Industries and Commodities (MPIC) is optimistic that the price of crude palm oil (CPO) will continue to rise up to RM2,500-RM2,600 per tonne by the end of this year.

Its minister, Datuk Muhd Khairuddin Aman Razali, said demand for the country’s palm oil products continued to record an increase despite Covid-19.

“Alhamdulilah, we are seeing an increase in demand from the Middle East, Africa and even regions such as the Philippines. We are confident that this pandemic will not constrain the palm oil industry but instead propel it,” he said.

He said the country is targeting between RM65 billion and RM70 billion in palm oil export earnings in 2020, from RM63 billion last year.

As of yesterday, the physical price for palm oil stood at RM2,860 per tonne and CPO futures contracts, at RM2,689 and RM2,850.

Earlier, the minister was at Selayang Hospital with Malaysian Palm Oil Association (MPOA) members to present ventilators and Covid-19 test kits worth RM334,000, as part of the palm oil industry’s corporate social responsibility.

During the Movement Control Order period, MPOA also contributed medical equipment, hand sanitisers and food packs, among others, worth RM5.16 million to a number of hospitals including Kuala Lumpur Hospital and Serdang Hospital.

Source : The Edge Markets

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