08/03/2011 (Business Times) - Palm oil prices may average more than RM3,400 (US$1,121) a metric ton in 2011, according to Malaysian Plantation and Commodities Minister Bernard Dompok.

The price may average RM3,500 to RM3,600 a ton in 2012, Dompok said in a written response to questions from Bloomberg News.

The most-active futures contract on the Malaysia Commodities Exchange averaged RM3,725.80 so far this year, according to Bloomberg data.

Palm oil output in Malaysia will expand to 17.59 million metric tons this year, from 16.99 million last year, as yields improve, Dompok said.