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Meet to discuss price direction of palm oil

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Oil palm seeds being loaded onto a truck. AFP

Meet to discuss price direction of palm oil

The palm oil price outlook and its challenges in 2021-2022 will take centre stage at the two-day virtual Palm and Lauric Oils Price Outlook Conference and Exhibition (POC) 2021 starting on March 23.

Conference organiser, Bursa Malaysia Derivatives Bhd has lined up three “regular” top industry experts, LMC International Ltd chairman Dr James Fry, Godrej International Ltd director Dorab Mistry and ISTA Mielke GmBH-Oil World executive director, Thomas Mielke to canvass their views.

A local plantation player told StarBiz that the conference would be most exciting this year, at a time when the current price of crude palm oil (CPO) is trading above 4,000 ringgit ($970) per tonne, which is over a decade-high level.

“It will be interesting to gauge the next price direction of palm oil, the global supply and demand and its challenges amid the Covid-19 pandemic, which has totally changed the way we do business.

“These regular experts at the annual POC event had had great following over the years and their price forecasts were spot on many times,” he added.

Other prominent speakers at the POC 2021 will be presenting in-depth market outlook related to the lauric oils, biodiesel and oleochemicals industries.

Topics of equal importance at the conference will include the palm oil market outlook by major producer Indonesia as well as major importers, China and Pakistan.

Plantation analysts opined that oil palm planters would likely continue to reap good profit margins should the CPO price stay above 3,000 ringgit per tonne, given that the current cost of production among efficient planters is pegged at 1,200 to 1,300 ringgit per tonne.

Meanwhile, Bursa Malaysia Derivatives chairman and Bursa Malaysia Bhd CEO Muhamad Umar Swift said in a statement: “Despite the uncertainties and challenges brought about by the pandemic, we are pleased to see how technology has successfully broadened our reach.”

The first-ever virtual POC in 2020 garnered strong support attracting close to 1,700 participants from 55 countries.

THE STAR (MALAYSIA)/ASIA NEWS NETWORK

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