PETALING JAYA: Expectations of record high local palm oil stocks in November and December will likely drag the average crude palm oil (CPO) this year to below RM3,000 per tonne mark versus last year's average of RM3,219 per tonne, according to industry observers and analysts.
They believe that the CPO average price will likely range between RM2,800 and RM2,900 per tonne as CPO futures continue to trend downwards on bearish export outlook and high palm oil stocks situation in Malaysia and Indonesia.
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