By Gho Chee Yuan
Nikkei Markets
KUALA LUMPUR (Nov 14) -- Crude palm oil price is expected to range between 2,600 ringgit ($620.6 ) a ton and 2,700 ringgit per ton in 2018, Malaysia's plantation industries and commodities minister said Tuesday.
Palm oil prices have declined to 2,761 ringgit a ton on Monday from 2,837 ringgit per ton on Nov. 1, according to data from Malaysian Palm Oil Council.
The world's second-largest producer of palm oil, after neighbor Indonesia, is still in talks with the European Union to break a deadlock over a proposed ban on using palm oil in bio fuel from 2020, Mah Siew Keong said at a conference.
"This (the proposed ban) is a clear discrimination on palm oil," Mah said. Prime Minister Najib Razak will meet Indonesian President Jokowi Widodo to discuss ways to safeguard the industry following E.U.'s proposal, he said.
"I will be meeting 16 E.U. (nations') ambassadors by end of this month to discuss the proposed biofuel oil ban," Mah said. "I am confident that the proposed resolution will not be implemented."
- By Gho Chee Yuan; terence.gho@nikkeinewsrise.com; +603-20267363
- Edited By Abhrajit Gangopadhyay
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