InfoSAWIT, KUALA LUMPUR – It is not a public secret that crude palm oil (CPO) delivered 32% of fat and oil production in the world; soybean delivered 25% and other vegetable oil delivered 24%. Canola and sunflower oil did 11% and 8% for each.
Malaysian Palm Oil Council (MPOC) noted that CPO gets more and more expensive since the third quarter of 2021 because of the smaller production in Malaysia and Indonesia.
Chief Executive Officer MPOC, Wan Aishah Wan Hamid said that the conflict in Russia and Ukraine forced the increasing demands on CPO because of the highest stocks of all vegetable oil.
“As the consequence, CPO price increases 21% to be US$ 1.990 per ton (US$ 1= RM 4.21) on 2 March 2022, from US$ 1.640 per ton which was on 25 February 2022,” he said in his presentation in online seminar, Monday (28/3/2022).
Malaysian palm oil industrial observer, MR Chandran, Malaysia gets increasing CPO demands. He predicted, sustainable palm oil absorption in Roundtable Sustainable Palm Oil (RSPO) certificate from Malaysia would be about 75% .
“It means, there would be enough certified sustainable palm oil in the markets to be bought by Island. But they have to pay premium price,” he said, as quoted from The Edge Market.
Chandran mentioned, Malaysia consumed 10% - 12% of its palm oil production and the rests should be exported. (T2)