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Indonesia Projects 7.2 MMT Palm Oil
KUALA LAMPUR - Mar 11/01 - STAT -- Indonesia expects to produce 7.2 million metric tons (MT) of palm oil during the 2001 calendar year, eclipsing last season's 6.5 million MT harvest by a wide measure.
Speaking at Commex Malaysia's Palm and Lauric Oils Price Outlook 2001-02 conference here, Derom Bangun, Chairman, Indonesian Palm Oil Producers Association (GAPKI) said despite the increase exports of crude and processed palm oil are unlikely to expand beyond last year's 4.2 million MT.
"The market has expanded and absorbed the increased supplies from Indonesia and will continue to absorb another increase in export volume" Bangun told the conference.
"For some time, prices will remain at a low level with slight upward fluctuation when seasonal output approaches lean production months which will become more remarkable as dry spell causes some stress to palm trees."
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