News

Price slide to hit New Britain Palm Oil sales

24 October 2008 08:26:00

Palm oil prices are well below the highs seen earlier this year, New Britain Palm Oil (NBPOL) said as it reported a rise in production of the oil used for cooking and biofuels.

The company said it produced a record 240,000 tonnes of crude palm oil and kernel oil in the first nine months of the year, a rise of 5.2% from the same period a year ago.

It achieved an average price of $950 a tonne for crude palm oil (CPO), compared with $655 over the same period a year ago.

However, the company said it had forward sold the vast majority of its fourth quarter CPO production at an average price of around $850 per tonne.

Revenues in 2009 will be hit if these spot prices prevail, the company said.

"Notwithstanding the recent softening in CPO prices, the fundamentals of the industry remain strong and that the prospects for NBPOL are encouraging, particularly as it should benefit directly from the growing demand for the highest quality, traceable and sustainable palm oil products," the company said.

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