PIPOC2009-PRODUCTION

CPO PRICES TO STAY STEADY REST OF THE YEAR


KUALA LUMPUR, Nov 9 (Bernama) -- Crude palm oil (CPO) prices are expected to
stay steady and rangebound for the rest of the year, said Minister of Plantation
Industries and Commodities, Tan Sri Bernard Dompok, today.
While the prices of oil in the world have fluctuated in the past month, the
price of CPO has relatively been stable, at between RM2100 and RM2200 per
tonne in the last few months.
He also said CPO's current price averaged at RM2,244.50 a tonne compared
with less than RM1,700 a tonne during the period from October to December 2008.
"I don't detect any changes in the underlying conditions," said the minister
after the opening of the International Palm Oil Congress 2009 (PIPOC 2009) here
today.
Also present at the event were Chairman of Malaysian Palm Oil Board (MPOB),
Datuk Sabri Ahmad and Director-General of (MPOB), Datuk Dr Mohd Basri Wahid.
"Overall palm oil output is slightly less or similar to last year with about
four per cent drop," said Mohd Basri.
According to MPOB website, the total production of palm oil for the first
nine months of 2009 was 12.46 million tonnes compared with 12.94 million tonnes
in the corresponding period of last year, a drop by 3.6 per cent.
The total production of palm oil in 2008 meanwhile was 17.7 million tonnes,
out of which close to 85 per cent was exported, with earnings increasing to
RM65.2 billion for the year.
Palm oil exports for the first eight months of this year was also steady
despite the global economic slowdown.-- BERNAMA
WNA SD