(MENAFN) Malaysian crude palm oil (CPO) average selling prices may jump to to 2,400 to 2,500 ringgit per metric ton this year as inventory levels are expected to slowly decline with higher exports and consumption of palm oil products.
According to the Malaysian research house Affin Hwang Capital, stronger exports and consumption for palm oil will is expected to be supported by the energy market and food industries.
For comparison, average Malaysian Palm Oil Board locally-delivered CPO prices in January stood at 2,037 ringgit per metric ton.
The country's CPO production in January declined further by 3.9 percent month-on-month to 1.74 million metric tons, mainly attributable to the seasonal monsoon factor.
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