ALOR GAJAH (Melaka, Malaysia), July 3 (NNN-Bernama) — Crude palm oil (CPO) prices are not expected to fall below RM4,500 (US$1,021) a tonne, said Malaysian Plantation Industries and Commodities Minister Zuraida Kamaruddin.
She said that CPO prices were expected to drop by the end of the year but this had occurred earlier as a result of Indonesia’s palm oil export ban and the Russia-Ukraine conflict.
“The price of palm oil has not dropped to previous levels of RM2,500 (RM1 = US$0.23), but as expected, the norm would be between RM4,500 and RM5,000 a tonne and we are in that phase now.
“This is what I had expected, that the new norm would be between RM4,500 and RM5,000 a tonne. Nevertheless, palm oil producers are still enjoying high prices and they are still getting a high income,” she said, here Sunday.
CPO prices have been on a downward trend recently, falling from RM6,753.50 a tonne on June 7, 2022, to RM5,046.00 a tonne on June 22, 2022, a slide of 25.3 per cent.
— NNN-BERNAMA
