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THE price of crude palm oil (CPO) is expected to narrow down by 10% to 15% from its current average price of RM1,300 per tonne later this year, as dampening factors like surplus in the supply of vegetable oils and oils in unprocessed seeds slowly creep in.
THE current rise in palm oil price is mainly influenced by the bullish soybean market, which in turn is driven by the shortage of supply following unfavourable weather conditions in the United States, said Malaysian Palm Oil Board (MPOB) director-general Datuk Dr Yusof Basiron.
PALM oil futures prices may rise for an eighth week in Malaysia, which produces half of the world's palm oil crop, because of falling estimates for the rival soybean harvest in Brazil.
PALM oil will remain the main driver of growth in the agriculture sector despite concerted efforts by the government to boost the output from other sources such as fisheries and food-based agricultural activities.