KUALA LUMPUR: The price of crude palm oil (CPO) will proceed to commerce above RM5,000 per tonne level for the primary half of 2022 amid a shortage of edible oil supply – sunflower oil – due to the Russia-Ukraine battle, Malaysian Palm Oil Board (MPOB) mentioned.
Director-general Datuk Dr Ahmad Parveez Ghulam Kadir mentioned as there isn’t a clear prediction on how lengthy the battle will final, palm oil will proceed to be in demand regardless of its present excessive price.
The Russia-Ukraine battle is a significant component in CPO price surging to RM8,000 per tonne final week.
“What is extra vital is for us to make sure that we’ve got sufficient supply, and it isn’t restricted to CPO but additionally RBD (refined, bleached and deodorised palm oil),” he advised reporters on the Palm and Lauric Oils price outlook convention and exhibition hosted by Bursa Malaysia right this moment.
Ukraine and Russia are the foremost producers of the world’s sunflower oil, accounting for 7.3 million tonnes and 5.8 million tonnes respectively in 2020.
Together these two nations account for practically 73 per cent of the export commerce in sunflower oil. – Bernama
