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Palm oil prices seen steady [09-02-2011]  
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Palm oil prices are unlikely to fall below current levels, while the knock-on effect of climate change will be increased interest in sustainable resources, the new secretary general of the Roundtable on Sustainable Palm Oil (RSPO) said.

The RSPO industry body of consumers, green groups and plantation companies, was formed in 2004 and aims to promote growth and use of sustainable oil palm products.

Prices of agricultural commodities such as wheat and palm oil, have soared in recent months, as rains, flooding and droughts have hit output around the globe.

"I can't foresee it (price) going down by much, if it does go down," Kuala Lumpur-based Darrel Webber said yesterday.

"Anything from natural resources, is bound to rise because of people's consumption patterns.

"The call for sustainable development of anything we produce is getting greater and greater - especially now when you see record floods, temperatures."

Vegetable oil prices have touched multi-month highs as heavy rains stall harvesting in Southeast Asian oil palm estates.

The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives touched RM3,905 on January 4, a peak not seen since March 2008.

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