ITS CPO export down 11.4% to 591,995 tonnes for the period of 1~15 Jan 2012.
SGS CPO export down 11.3% to 575,833 tonnes for the period of 1~15 Jan 2012.
The La Nina weather condition may begin to weaken “more steadily” in February, after peaking in December and January, the Malaysian Meteorological Department said. The rain would favor palm oil plantations, but may not be enough for rice cultivation, the department said. The state of Sabah is expected to receive slightly above average amount of rainfall in January, according to the report. (Bloomberg)
Malaysia's palm oil industry exports have been projected to grow 5% in 2012 depending on the world economy, Deputy Plantation Industries and Commodities Minister Datuk Hamzah Zainudin said. (Bernama)
Palm oil prices may rise to RM3,450 per tonne over the next three months, said the Chief Market Strategies, NextView Group, Benny Lee. He said the outlook for the whole year, is however bearish, due to the global economic uncertainty and weakening of the US dollar against the ringgit. "Prices will face immediate resistance at RM3,230 per tonne," he added. As to what the likely price target for the year-end is, Lee said there is a need to look at more data by July, before a projection can be made. (Bernama)
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