CPO seen staying above RM3, 000

CPO stock: A worker operates a tractor while harvesting palm oil fruit bunches at a plantation in Kapar. Malaysia’s palm oil inventory is not expected to exceed 1.8 million tonnes by year-end. — Bloomberg

PETALING JAYA: Crude palm oil (CPO) will continue to stay lofty above RM3, 000 per tonne in the near term amid tight supply of global vegetable oils and uncertainty on the recovery of palm oil output in the second half of this year, opines plantation industry veteran Datuk Yeo How.

In a recent price outlook session hosted by Maybank Kim Eng, Yeo, who is president of Singapore-based Apical Group, pointed out that CPO will continue to follow the lead of prices of other competing vegetable oils.