InfoSAWIT, KUALA LUMPUR – Head of Agribusiness Consultant of LMC International Ltd, James Fry also predicted that the crude palm oil (CPO) would be better in 2019 within the expectation that the CPO stocks globally would decrease to be 1,5 million tons and when the crude oil (Brent) could be US$ 70 (RM 286,48) per barel.
He said that the CPO in the Southeast Asia would be US$ 620 per ton. “In this year, the stocks are much enough but it is hoped that the stock would decrease and could make the price better about US$ 100 to US$ 170/ton in the midst of this year,” he said in the Palm & Lauric Oils Price Outlook Conference & Exhibition 2019 as quoted from The Edge Markets.
Fry believed that the trade issue betwen the crude oil producers in USA and some countries that export crude oil would influence the trade and would make it about US$ 60 per barel for West Texas Intermediate and US$ 70 per barel for Brent.
He also said that as long as Malaysia and Indonesia run the biodiesel policy B10 and B20 for each country, it would influence the CPO stocks that could decrease up to one million tons and be 1,5 million tons in 2019. “When the seasonal buying stock of this year up to June still runs,” Fry said. (T2)