InfoSAWIT, KUALA LUMPUR – Malaysia Palm Oil Council (MPOC) on Wednesday (1/6/2022) reduced crude palm oil (CPO) production in the second biggest CPO producer in the world and predicted that it would be remaining more than RM 6.000 per ton this year.
MPOC also predicted, CPO production in the country would be about 18,6 million tons in 2022 or increased from 18,1 million tons in 2021. It happens for the migrant workers would help to enlighten the lack of workers in plantation sectors.
Vice Director of MPOC, Mohd Izham Hassan said, the world would know that fat and oil demands increase in 2022, and the globe would depend on CPO. “Fat and oil exports in 2022 would be reaching 97 million metrict tons and palm oil markets could be reaching 60%,” he said, as quoted from Reuters.
MPOC claimed, reference CPO price in Malaysia would be remaining between RM 6.500 to RM 6.800 per ton by the late of July 2022, and gets cheaper to be around RM 6.300 – RM 6.500 per ton by September 2022, as Mohd Izham said because Indonesia re-exports CPO too.
“Vegetable oil price correction would be in the late of the fourth quarter of 2022. CPO could be on the floor at more than RM 6.000 per metric ton,” he said. (T2)
Source: InfoSAWIT, June 2022