According to Malaysian Palm Oil Board director-general Ahmad Parveez Ghulam Kadir, the industry needs to brace for a correction in CPO prices.
“In view of the situation, the CPO price in 2021 is expected to remain high at an average of RM4,100 per tonne. As for the local CPO production, he also projects the output to drop again to 18 million tonnes in 2021, down 6% y-o-y. However, the prediction was revised downwards due to the Covid-19 restrictions and labour shortage faced by the plantation players.In 2020, the CPO production also dropped to 19.1 million tonnes as compared to 19.9 million tonnes in the previous year.
“Asia Pacific showed the largest decline of 1.2 million tonnes due to lower imports by China, Singapore and Vietnam. “South Asia region imports increased by 13% to 3.2 million tonnes, contributed by higher imports from India amounting to nearly 2.5 million tonnes,” he said.
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