14/09/2011 (The Star) - Crude palm oil (CPO) prices are likely to remain at RM3,100 per tonne till year-end on expectations of an increase in palm oil production and a healthy growth in demand, said IOI group executive director Datuk Lee Yeow Chor.

“New emerging countries like Pakistan and India are importing more Malaysian palm oil and our revenue target this year would be achievable looking at trends in the last four months,” he told reporters on the sidelines of the 11th Forbes Global CEO Conference here yesterday.

He said demand was coming from African countries, while China remained the largest CPO consuming country.

Lee said the RM200 per tonne export discount versus soyoil was quite high, benefiting the latter.

He also said although Indonesia’s move to impose a higher export tax for CPO, compared with processed palm oil products, might encourage development in its downstream palm oil industry, the disparity of its export tax might hurt its smallholders.