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Low production keeps CPO prices near 13-year high
THE benchmark crude palm oil (CPO) futures contract on Bursa Derivatives was traded traded around the RM4,000-a-tonne level this week as labour shortages and bad weather in key plantation areas curbed production.
Latest industry statistics released by the Malaysian Palm Oil Board (MPOB) on Wednesday showed local output dropped for a fifth straight month in February to 1.11 million tonnes – its lowest level in five years.
While exports were about 5% weaker at less than 900,000 tonnes, the low production kept inventory at a three-month low of 1.3 million tonnes.
MIDF Research predicted tight supplies of edible oil worldwide would keep CPO prices at elevated levels, but prices would ease back in the second half of this year as the rollout of the Covid-19 vaccine would help overcome the labour shortage faced by local planters. ....

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