Date 21/05/2013
News Provider Mohd Nasir Ismail
News Source Bernama
Headlines Strong Fundamentals To Drive Up CPO Price In Q3, Says MPOC
 
21/05/2013 (Bernama) - The price of crude palm oil (CPO) is expected to pick up in the third quarter of this year, supported by strong fundamentals, said Malaysian Palm Oil Council (MPOC) Chairman, Datuk Lee Yeow Chor.

He said the fundamentals had improved since the end of 2012,including palm oil stocks of 2.6 million metric tonnes in December of the year, falling to 1.93 million as at end April 2013.

"This is a big drop and exports for the first four months of 2013 also increased compared to last year.

"All this reflects very good fundamentals, which I think will be friendly to the palm oil price," he told Bernama on the sidelines of the "Palm Oil Nutrition Week 2013", here Monday.

Meanwhile, Plantation Industries and Commodity Minister Datuk Seri Douglas Uggah Embas in his speech at the opening of the conference, said correcting the misconception of palm oil-based products is crucial.

"This is because the Malaysian palm oil industry is at stake, as well as the livelihood of more than half a million Malaysians employed directly in this industry," he added.

His speech was read by the Ministry's Secretary-General, Datin Paduka Nurmala Abd Rahim.

Embas said Malaysian palm oil was always inundated with accusations of the product increasing the risk of degenerative diseases.

"Even developed nations had tried to invoke legislation against palm oil.

"Some non-governmental organisations have also been relentless in their attacks against the palm oil industry, sensationalising allegations in quick sensation," he added.

He said the negative perception caused by such publicity was usually based on sentiment and prejudice, with no scientific basis to support the stand.

"To date, none of these proposed anti-palm oil legislation have survived when challenged with incredible science and facts at our disposal.

"Despite these hurdles, the Malaysian palm oil industry continues to progress while showcasing its sustainable practices to the world," Embas added.

He said over a span of more than three decades, 165 research projects had been undertaken in the health and nutrition disciplines of palm oil.

"The outcome of this research has mostly been positive about palm oil. Yet, there remains doubts and criticism, increasingly being targeted against palm oil," he added.

Embas said among the high value added products generated from research into palm oil are palm bioactives, which include palm vitamin E, tocotrienols, palm carotenoids and palm phenolics.