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PALM oil inventories contracted further to the 1.6 million-tonne level in June. The healthy fundamentals, however, have not brought positive growth to crude palm oil (CPO) prices lately as the market has started anticipating the high production period kicking in soon, which will not bode well for the inventory prospects.
OVER the week, Benalec Holdings Bhd has secured a major offtaker (a party taking up the offer) for 404.7ha of reclaimable land off Tanjung Piai, at the southern tip of Johor. Sources have estimated the value of the off-taking contract at RM2.5bil to RM3bil.