7/8/2001(The Star) - THE palm oil industry is confident that the crudepalm oil (CPO) price will stay between RM1,200-RM1,300 per tonne,according to Malaysian Palm Oil Board (MPOB) director-general Datuk DrYusof Basiron.The CPO market, which has been in the doldrums for such a long time, hadenjoyed a bullish cycle in the past few weeks.According to Yusof, now the CPO price is close to RM1,300 per tonnecompared to what it was in the past at RM670 per tonne.He said the low price in CPO previously was due to the oversupply of oiland fats globally."The industry is confident that the price will sustain or even improvebecause many countries are cutting back on production, thereby reducingsupply and going on replanting like Malaysia," Yusof told reporters duringan interview in Kajang yesterday.He said that the present price was still very cheap for countries whichdid not produce palm oil but needed it.Asked whether the price would go much higher than RM1,300, Yusof said thathe doubted it but believed that the price was likely to firm up aroundthat level.--Bernama