Govt op­ti­mistic of CPO hit­ting RM2,600

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: The Plan­ta­tion In­dus­tries and Com­modi­ties Min­istry 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.

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

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

He said the coun­try is tar­get­ing be­tween Rm65­bil and Rm70­bil in palm oil ex­port earn­ings in 2020, from Rm63­bil 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. — Ber­nama

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