CPO upward trend firm, says Plantations Minister

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KUALA LUMPUR: The Malaysian crude palm oil market is on the upswing and prospects for the coming year look promising despite the economic uncertainties, says Plantation Industries and Commodities Minister Datuk Peter Chin. “The upward trend in CPO price since last November’s low of RM1,400 to around RM2,000 yesterdy showed the commodity was resilient,” he said on March 12. He added the ministry would also work with Indonesia to ensure the stability of the CPO price in future.  In 2008, palm oil contributed RM64.8 billion in export earnings for Malaysia. At 11am, the CPO third-month futures was off its recent high, shedding RM20 to RM1,930 per tonne.