Growth in world production of palm kernel oil is set to slow to 4-5 per cent in the 2008/09 season, from a 13 per cent growth rate in the previous season, Hamburg-based oilseeds analysts Oil World said yesterday.
Oil World said palm kernel oil production in Indonesia may approach 2.2 million tonnes this season, while Malaysia’s production is seen only marginally exceeding last season’s 2.1 million tonnes.
“Palm kernel oil production has been affected by the downturn of the biological palm oil (and kernel) yield cycle in Southeast Asia, which started in late 2008 and is likely to draw to an end in mid-2009,” it said in its weekly report.
Oil World said Malaysian exports of palm kernel oil were expected to increase 9 per cent to 1.1 million tonnes this season, while Indonesian exports were seen up to 1.6 million tonnes from 1.4 million tonnes in the previous season.
Though demand for lauric oils has been hit by the economic crisis, palm kernel oil has benefited from coconut oil’s tight supply and high prices in 2008 and early 2009, Oil World said.
World imports of coconut oil are seen falling 11 per cent to a multi-year low of 1.8 million tonnes in October/September 2008/09, as consumers respond to the supply squeeze and the price premiums between coconut and palm kernel oil.
Coconut oil was quoted at US$830 a tonne for August/September shipment cif Rotterdam on Tuesday, while palm kernel oil was quoted at US$820 a tonne cif Rotterdam.
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