Significant rise in crude palm oil prices

CRUDE palm oil (CPO) prices, now above RM2,700 per tonne, are expected to remain high for the year, said Datuk Seri Dr Wee Jeck Seng.

“The daily price for July 23 had risen further to RM2,739 per tonne.

“The ministry expects prices to remain and further strengthen for the year,” the Primary Industries and Commodities Deputy Minister said when answering a question raised by Datuk Seri Rohani Abdul Karim (GPS-Batang Lupar) in Dewan Rakyat yesterday.

He said the average monthly price of CPO was RM2,411.50 per tonne in June this year compared to RM1,968 for the same period last year.

“A rise in export has brought about a positive impact on the movement of CPO prices in the country.”

Wee also said a rise in CPO prices resulted in higher prices for fresh fruit bunches (FFB) for smallholders.

“The daily price guide issued by the Malaysian Palm Oil Board (MPOB) based on area and grade is between RM415 and RM508 as of June this year, compared to between RM333 and RM397 last June.

“This has resulted in a rise in income for smallholders in the county,” he added.

On a separate issue raised by Datuk Johari Abdul (PH-Sungai Petani), Wee said the government had set up a special committee to address the shortage of foreign workers in the commodities industry, particularly in the oil palm plantation sector.
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