KUALA LUMPUR: 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 has 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 per cent of the nation’s gross domestic product,” 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 export to the country.
He said the MPOB hopes the price would remain stable and continue to rise for the benefit of the smallholders, allowing them to provide for their families in light of the economic slowdown due to the effects from the COVID-19 pandemic. -Bernama