14th Jun 2019 13:56
(Alliance News) - Palm oil firm MP Evans PLC on Friday, updating its annual general meeting in London, reported a solid first five months of 2019.
MP Evans produced 78,800 tonnes of crude palm oil during the period, 1.7% higher year-on-year, but own-mill production fell 9.0% to 64,600 tonnes.
Extraction rates continue to be high, MP Evans said, having improved from 2018.
The average crude palm oil price for the five-month period was USD533 per tonne, some 20% lower year-on-year, with the price of palm kernels also weakening.
"High world stocks of all vegetable oils are weighing on the market, but commentators expect stocks to reduce in the face of buoyant consumption, lower reported oil seed planting, and anticipated poorer crops of competing vegetable oils," said MP Evans.
The crop of oil-palm fresh fruit bunches for the five-month period was 238,600, 5% higher year-on-year, with the second half crop set to be higher than the first half's as seasonally usual.
There was strong performance in the Musi Rawas, South Sumatra, and Bumi Mas estates in Indonesia, MP Evans said.
MP Evans shares were 1.8% higher on Friday afternoon at a price of 698.00 pence each.
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