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Palm Oil Prices Bottom Out
INDONESIA - Palm oil prices have bottomed out and will be supported by declining supplies and increasing demand for biodiesel, according to the Indonesia Palm Oil Association.Derom Bangun from the association told Bloomberg that prices of the cooking oil reached $825 a ton on a cost-and-freight basis in the port of Rotterdam about 10 days ago, or about $750 a ton in Malaysia.
However, Bloomberg reports that palm oil fell by 7.9 per cent this week as supplies from Indonesia and Malaysia outstripped demand.
Prices have fallen by 18 per cent this year, with Indonesia, the biggest grower, producing more than 19 million tonnes this year and Malaysia more than 17.4 million tonnes.
"Supply will get tight in the long term and prices of palm oil may rise in the fourth quarter," Miang Chuen Koh, analyst at Morgan Stanley Asia (Singapore) Pte., told Bloomberg.
The report shows palm oil prices for November rising by 4.7 percent in Kuala Lumpur to $748 a tonne. However, in Europe, prices in Rotterdam have fallen from $1,200 to $825 a tonne.
The Indonesia Palm Oil Association is an organization of crude palm oil producers, consisting of state-owned and non- state plantations, foreign-owned plantations and cooperatives of oil-palm growers.
From 3-4 December, the association will be staging the Indonesian Palm Oil Conference and Price Outlook 2009 in Bali.
The topic for this year's the Indonesian Palm Oil Conference and Price Outlook 2009 is closely linked with sustainability issues as the most recent global concern in all aspect of development with focuses in agriculture sector.
The conference will present the sustainable palm oil development in Indonesia from the perspective of multi stakeholders: the government, private and public sectors’ practitioners, and environmental non-government organisation.
TheBioenergySite News Desk
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