Malaysia sees La Nina pushing CPO prices above RM3,000/tonne

Second wind: Tan Sri Lee Shin Cheng says the price of CPO will shoot up to RM3,300 per tonne if La Nina sets in.

PUTRAJAYA: The local plantation industry is expecting crude palm oil (CPO) prices to cruise comfortably above RM3,000 per tonne if La Nina sets in, according to IOI Corp Bhd founder and executive chairman Tan Sri Lee Shin Cheng.

La Nina, which brings in heavy rainfall, is favoured for fresh fruit bunch (FFB) development and higher yields in oil palms, in comparison to the recent El Nino dry weather phenomenon that disrupts yields in estates.