Chairman and CEO Kuok Khoon Hong said palm oil prices could be supported as record crude oil prices were fuelling U.S. and European demand for biodiesel, which can be made from palm oil.
"Palm oil prices are expected to remain firm in the forseeable future," he told a briefing, adding that if crude oil prices topped $130 a barrel that would mean crude palm oil would fetch over $900 a tonne.
"If the U.S. continues to support biofuel and European governments go for biodiesel then palm oil would remain at high prices. The current prices are not cheapFor more: click here
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