The Ministry of Plantation Industries and Commodities (MPIC) has been actively monitoring developments in the industry and will continue to ensure that palm oil, which is the country’s main commodity, continues to remain a major contributor to national economic growth, benefiting all, especially smallholders and industry players, Minister Of Plantation Industries And Commodities, Datuk Zuraida Kamaruddin said.
She said that remained relentless in our efforts to rebut and correct any misconceptions raised by those out to discredit the goodness of palm oil via their anti-palm oil campaigns.
“I have personally headed numerous trade missions to several countries to meet industry players there and create a greater awareness on the numerous benefits and uses of palm oil, apart from being used as cooking oil,” Zuraida said in a statement.
On its CPO prices, Zuraida said that with the resumption of the Indonesian palm oil export levy beginning 1 September 2022 – and with the expected decline in palm oil production in 4Q 2022 – CPO prices for the final quarter of this year are strongly expected to range higher at between RM5,000-RM5,500 per tonne.
She said that CPO price rose by 55.9% to RM6,330.00 per tonne during the January-June 2022 period from RM4,061.50 per tonne in the same period a year ago adding that the higher CPO price during that period was influenced by higher prices of soybean oil (SBO) in the world market.
She said Palm oil prices are influenced by the price performance of other vegetable oils, especially SBO as they compete for a share in the global vegetable oils market.
She said that from June 2020, CPO prices started to show an upward trend, and in fact, between January 2021 and June 2022 alone, CPO prices have on several occasions broken its all-time high record.
