Crude palm oil price movement revolves around petroleum market, says plantation expert | Malay Mail

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KUALA LUMPUR, June 22 — Petroleum is the key to understanding the palm oil market today as it determines the crude palm oil (CPO) price range via the price band and is also a sign of the state of the world economy, plantation expert James Fry of LMC International Ltd said. He said it is difficult...

Monday, 22 Jun 2020 12:57 PM MYT

The plantation expert also said that the palm oil supply has been surprisingly little affected by lockdowns and Covid-19. “The coronavirus surprisingly had little impact on the palm oil supply. There was a brief period of lockdown in Sabah but it has ended and it has not really affected production,” he said, adding that Malaysian palm oil production will barely change in 2020.

“Food demand has also been damaged, and we are learning just how important the hospitality sector is for palm oil consumption. Fast food places, snack bars, hotel institutions are the big users of palm oil, and the pandemic has really hit the sector,” he said.

 

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