Better Malaysia-India ties to boost CPO prices: MPOB

Malaysian benchmark crude palm oil prices have plunged nearly 30% since the start of the year to trade at RM2,227 per tonne on Wednesday after global lockdowns to contain the coronavirus outbreak shuttered restaurants and curbed travel, reducing demand for the edible oil.

KUALA LUMPUR: Crude palm oil prices may rise to RM2,300-RM2,400 per tonnne in the coming months as Malaysia's relationship with top importer India improves, industry regulator the Malaysian Palm Oil Board (MPOB) said on Wednesday.

The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to industry participants and the tens of thousands of smallholders in the country.