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NewsUpdate MPOC CEO forecasts CPO prices at RM2600-RM3000 for rest of 2014
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Update MPOC CEO forecasts CPO prices at RM2600-RM3000 for rest of 2014
by Cals Tue 04 Mar 2014, 16:40
| Update MPOC CEO forecasts CPO prices at RM2600-RM3000 for rest of 2014 |
| Business & Markets 2014 |
| Written by Shalini Kumar of theedgemalaysia.com |
| Tuesday, 04 March 2014 14:34 |
KUALA LUMPUR (March 4): Malaysian Palm Oil Council CEO Tan Sri Dr Yusof Basiron said palm oil prices will range from RM2,600 - RM3,000 per tonne for the rest of the year.
Speaking to reporters after a roundtable session at the Palm and Lauric Oil Conference today, he said his price estimate was influenced by the recent drought, amongst other factors.
"There were increased imports due to the low crude oil prices over the last six months," he said.
"Now that stocks are low, we cannot continue to supply CPO at a cheap price. The low production level of February is also a factor which has had an impact on stock and supply."
Meanwhile, on the implementation of biodiesel in Malaysia, Basiron said the rollout of the B5 mandate (5% biodiesel and 95% petroleum diesel blend) should be done nationwide by July this year.
Basiron also said that getting up to a B7 blend was an ambitious target, due to current CPO prices.
It is worth noting that in 2012, the government's aim was to roll out a B10 blend (10% biofuel and 90% petroleum diesel).
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