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Jakarta Post

CPO producers see `good' prices

  • The Jakarta Post

Jakarta   /   Thu, January 29 2009   /  01:54 pm

Producers of crude palm oil (CPO) expect prices to reach as high as US$600 per ton this year, betting on higher domestic sales which would help avoid oversupply in global markets, thus stabilizing the prices. The Indonesian Palm Oil Association (GAPKI) said Tuesday the current prices of around $550 per ton was already far better than in the slump in late last year, which saw CPO prices go as low as $400. "Our target is to maintain the CPO average price between US$500 and US$600 per ton this year. Last week, the price averaged US$550 per ton," GAPKI executive chairman Derom Bangun, who is also a member of the Palm Oil Research Center (PPKS) Advisory Board, said. "Market conditions might not be as good as they were during the boom in the first half of 2008, but they are better than the conditions when the price slumped dramatically in the second seme...