KUALA LUMPUR (May 27): Crude palm oil (CPO) prices are expected to reach RM2,300-RM2,400 per tonne in the next few months, said Malaysian Palm Oil Board (MPOB) chairman Datuk Ahmad Jazlan Yaakub.
In a statement today, he said CPO prices had begun to strengthen following the recent improvement in diplomatic relations between India and Malaysia.
“This is certainly good news for the MPOB and the government as the commodity’s contribution accounts for 4.76% of the nation’s gross domestic product (GDP),” he said.
Ahmad Jazlan, who is also the Machang Member of Parliament, also took the opportunity to thank the Indian government for ending its import sanction on refined palm oil, which would help to boost Malaysia’s palm oil exports to the country.
He said the MPOB hopes CPO prices would remain stable and continue to rise for the benefit of smallholders, allowing them to provide for their families in light of the economic slowdown due to effects of the Covid-19 pandemic.