Berita Terbaru

12 Jul 2007

Price surge damps demand for palm oil

Price surge damps demand for palm oil
High prices for crude palm oil are reducing global demand, including its use as a biodiesel, as Malaysia on Tuesday reported that exports of the commodity fell 18 per cent in June.

The fall in exports by the world’s biggest producer of palm oil followed a record price for CPO future contracts in early June, which prompted buyers to turn to cheaper vegetable oils, such as soyabean oil.

 

Palm oil is more than 8 per cent off its record high of M$2,764 a tonne in June, but the benchmark future contract rose 0.8 per cent on Tuesday to M$2,530 (US$736) a tonne due to higher prices for soyabean oil and a fall in palm oil production.

 

Soyabean prices have risen recently as US farmers have cut acreages devoted to soyabean and planted more corn. Soyabean rose last week to US$8.50 a bushel, up 35 per cent since January.

 

High palm oil prices have threatened to curb Malaysia’s ambitions to become a main producer of biodiesel and some Malaysian companies have already postponed plans to build biodiesel plants amid fears they could be unprofitable.

 

Sumber: ft.com

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