Low stockpile to support CPO price

Strong outlook: There is a potential for CPO to become a substitute for soybean imports, according to analysts. — AFP

PETALING JAYA: The local palm oil stockpile will likely ease further to hit the two-million-tonne mark this month buoyed by a stronger export outlook, according to analysts.

The extension of Malaysia’s zero-duty crude palm oil (CPO) export and higher demand from India, Pakistan and China ahead of the Ramadan fasting month in May will lend support to CPO prices to be traded between RM2,400 and RM2,600 per tonne in the short term.