Palm Oil Prices Can Touch RM3,000 This Year

PUCHONG, April 8 (Bernama) — Palm oil prices can possibly touch RM2,800

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

palm oil.

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