or RM3,000 per tonne this year due to strong demand and the El-Nino
weather phenomenon, IOI Corporation Bhd Executive Chairman Tan Sri Lee
Shin Cheng says.
He said prices had been falling in the last month because of the
strenghtening ringgit against the US dollar.
“Palm oil has proven to be one of the best vegetable oils,” he told
reporters on the sidelines of the official opening of Hong Leong Bank
Bandar Puteri Puchong branch.
He expected a drop in IOI Corporation’s oil palm output this year
because of the effects of El-Nino. “We see a drop of eight per cent
compared to last year,” he said.
IOI Corporation’s oil palm output for last year, he said, came close to
four million tonnes in fresh fruit bunches and a million tonne in crude