MARKET DEVELOPMENT
IOI Corp Sees El Nino Having Significant Impact on CPO Prices
IOI Corp Sees El Nino Having Significant Impact on CPO Prices
11/06/2014 (The Star) - The expected El Niño phenomenon will have a significant impact and is expected to push crude palm oil (CPO) prices up, said IOI Corporation Bhd chief executive officer Datuk Lee Yeow Chor.
He said however that the impact of El Niño would be felt only around two months after the prolonged dry weather hits.
"How bad the impact will be depends on the severity of El Niño this time. But we're talking about a prolonged dry period of at least five to six months, so it will certainly have a significant impact on production," he told reporters at the Invest Malaysia 2014 conference here on Tuesday.
Lee said IOI Corp had plans to expand its plantations and was also constantly on the lookout for new land bank, especially brownfield plantations.
"We are looking around the Southeast Asia region," he said.
He said however that the impact of El Niño would be felt only around two months after the prolonged dry weather hits.
"How bad the impact will be depends on the severity of El Niño this time. But we're talking about a prolonged dry period of at least five to six months, so it will certainly have a significant impact on production," he told reporters at the Invest Malaysia 2014 conference here on Tuesday.
Lee said IOI Corp had plans to expand its plantations and was also constantly on the lookout for new land bank, especially brownfield plantations.
"We are looking around the Southeast Asia region," he said.