7th Nov 2019 14:18
(Alliance News) - Palm oil and rubber producer Anglo-Eastern Plantations PLC on Thursday expressed confidence crude palm oil prices will continue to rise.
For the first nine months of 2019, crude palm oil prices have average USD528 per metric tonne, down 16% from the same period a year before. However, Anglo-Eastern said they have been rising since the third quarter, hitting USD601 on October 25.
The company expects prices to rise further due to supply issues caused by a reduction in fertiliser use, dry weather, and tree stress after 2018's bumper harvest.
Anglo-Eastern's production for the nine months was 296,600 metric tonnes of crude palm oil, down 6% year-on-year. Fresh fruit bunch production dipped 3% to 765,240 metric tonnes.
The firm's balance sheet remains strong, it added.
Shares in the London-based firm were up 2.2% on Thursday afternoon at a price of 500.00 pence apiece.
By George Collard; [email protected]
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