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Thursday, October 27, 2011

IOI expects CPO prices to top RM3,000 (BT)

Crude palm oil (CPO) prices are expected to rise above RM3,000 a tonne in the next three months due to the drop in production amid increasing overseas demand, an industry player said.

IOI Corp Bhd chairman Tan Sri Lee Shin Cheng said the rainy season coupled with a labour shortage is expected to derail production of fresh fruit bunches in the next six months, despite increasing demand from China, India and Pakistan.

"From now, the price has to go up, it's about time to jump over RM3,000," he told reporters after the company's annual general meeting here yesterday.

Read more: IOI expects CPO prices to top RM3,000

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