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Palm oil price to improve - Teresa Kok

Teresa Kok Suh Sim

KUALA LUMPUR, May 23 (Bernama) -- Primary Industries Minister Teresa Kok Suh Sim is optimistic that palm oil price will improve in coming months.

Palm oil stocks in Malaysia, the world's second-largest producer, fell 6.62 per cent to 2.73 million tonnes in April 2019 from 2.92 million tonnes in March 2019.

“Currently, there is an excess of edible oil. That is why our palm oil price has been a bit low (as well), but I believe in coming months it will be rectified, I believe the palm oil price will come up again,” she told reporters after attending the  ‘Palm Oil Student Ambassador’ programme, here today.

Other edible oils such as soybean oil and rapeseed were also experiencing lower prices, she said when asked on the price outlook for palm oil amid a lower stock that was reported in April.

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower today.

At the close, spot month June 2019 fell to RM34 to RM1,974 a tonne, July 2019 shed RM39 to RM2,002 a tonne, August 2019 slipped RM41 to  RM2,016 a tonne and September 2019 eased RM43 to RM2,031 a tonne. 

 -- BERNAMA

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