Malaysia’s palm oil exports hit a record high of RM80.4 billion last year, thanks to higher average palm oil prices and sustained demand for the edible oil from Asia and Africa.
Also present at the dialogue were Nextview Sdn Bhd chartist Benny Lee, MPOC chief executive officer Tan Sri Yusof Basiron and Malaysian Palm Oil Board chairman Datuk Seri Utama Shahrir Abdul Samad.
Yesterday, the third-month benchmark for crude palm oil contract on the Bursa Malaysia Derivatives Exchange slid RM16 to close at RM3,136 per tonne.
Lee, in his palm oil price forecast presentation before 270 participants from the oil palm industry, said that palm oil prices is likely to trade as high as RM3,450 per tonne in the next 10 weeks. "The US dollar has started to weaken again and this will provide support to palm oil prices," Lee said.
Shahrir concurred with Lee that global demand for palm oil is still strong. India and China will continue to buy large quantities of palm oil to feed its burgeoning population. "Emerging economies in Eastern Europe and North Africa will also continue to place more orders for palm cooking oil," he said.
"Also, since palm oil is trading at a discount to soya oil, demand for palm oil should accelerate in the months to come," he added.
Read more: Palm oil exports hit record high of RM80.4b http://www.btimes.com.my/Current_News/BTIMES/articles/20120117010522/Article/index_html#ixzz1jhR1TArx
Also present at the dialogue were Nextview Sdn Bhd chartist Benny Lee, MPOC chief executive officer Tan Sri Yusof Basiron and Malaysian Palm Oil Board chairman Datuk Seri Utama Shahrir Abdul Samad.
Yesterday, the third-month benchmark for crude palm oil contract on the Bursa Malaysia Derivatives Exchange slid RM16 to close at RM3,136 per tonne.
Lee, in his palm oil price forecast presentation before 270 participants from the oil palm industry, said that palm oil prices is likely to trade as high as RM3,450 per tonne in the next 10 weeks. "The US dollar has started to weaken again and this will provide support to palm oil prices," Lee said.
Shahrir concurred with Lee that global demand for palm oil is still strong. India and China will continue to buy large quantities of palm oil to feed its burgeoning population. "Emerging economies in Eastern Europe and North Africa will also continue to place more orders for palm cooking oil," he said.
"Also, since palm oil is trading at a discount to soya oil, demand for palm oil should accelerate in the months to come," he added.
Read more: Palm oil exports hit record high of RM80.4b http://www.btimes.com.my/Current_News/BTIMES/articles/20120117010522/Article/index_html#ixzz1jhR1TArx
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