24th Jun 2019 12:07
(Alliance News) - Anglo-Eastern Plantations PLC on Monday told its annual general meeting that the production of palm oil and fresh fruit bunches were lower in the first five months of 2019, compared to the year before.
For the five months to the end of May, the palm oil and rubber producer said crude palm oil production was 149,100 metric tonnes, down 9% from 163,880 tonnes a year before.
Production of fresh fruit bunches declined by 5% to 392,000 metric tonnes from 411,100 tonnes the prior year, with lower production in Riau and Bengkulu, and harvesting in Indonesia interrupted by a presidential election and public holidays.
The crude palm oil ex-Rotterdam average price for the five-month period was USD531 per metric tonne, down 20% from USD667 the year before.
Looking ahead, the palm oil price has continued to decrease, coming to USD496 as at June 11, and Anglo-Eastern expects the price to remain soft due to higher output and inventories in the market.
Shares in Anglo-Eastern were down 2.2% at 489.00 pence on Monday in London.
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