Thursday 28 Mar 2024
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KUALA LUMPUR (Apr 1): Boustead Plantations Bhd, the plantations arm of Boustead Holdings Bhd, sees crude palm oil prices to hover between RM2,300 and RM2,600 this year.

Its non-independent and non-executive chairman Tan Sri Lodin Wok Kamaruddin said today that although prices are currently hovering between RM2,200 and RM2,300, the company expects business to be good when compared to its average production cost.

"Against the average cost of production of RM1,700 per tonne, it is still good business," he said at a press conference after the company's annual general meeting (AGM) today.

However, he conceded this year is likely to be challenging for the company as well as  the plantation sector.

He said an abundant supply of soybean oil, the weak demand of CPO from China and India, together with the weak ringgit and low crude oil prices, are all expected to affect CPO prices.

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