Quick rebound in CPO prices seen

Uptrend: A worker is seen harvesting fresh fruit bunches in a plantation in the peninsula. CPO production is set to increase as the industry enters the high production cycle.

PETALING JAYA: International palm oil expert and trader Dorab Mistry expects the price of crude palm oil (CPO) to rebound quickly with an upside of RM200-RM250 per tonne after its recent sharp drop over the past few days.

Mistry, who is a director of Godrej International Ltd, pointed out that the commodity could even rise further by RM300-RM400 per tonne, mainly supported by higher soybean oil prices and the recovery in demand from India given the improvement in the Covid-19 situation there.