11/01/2010 (NST Online), Kuala Lumpur - Crude palm oil price is expected to soar up to RM2,500 a metric tonne with bright prospects to clinch RM3,000 a metric tonne in the first quarter of this year following higher demand for the commodity from China, India and the European Union. Felda chairman Tan Sri Dr Yusof Noor said the forecast was based on the analyses of various parties and the upward price trend this year.

As at 3.55pm today, palm oil price stood at RM2,570 a metric tonne.

A lower oil palm yield due to the rainy season between November and March was also a contributory factor to higher oil palm prices, he said when opening a management seminar for Felda Plantations Group.

Yusof said palm oil output this year was envisaged at between 17.3 million tonnes and 17.8 million tonnes as compared to 17.5 million tonnes last year.