Tuesday, March 9, 2010

Sime may miss 2010 palm oil output target

Sime Darby Plantation Sdn Bhd, the world’s biggest palm oil producer, expects the company’s output to fall below target this year due to adverse weather conditions, managing director Azhar Abdul Hamid said.

Production may be “a bit down” this year, he told reporters in Kuala Lumpur. The company’s crude palm oil output in Malaysia and Indonesia may be 6 per cent below its forecast of 2.4 million metric tons, Azhar said.

He declined to give a price forecast, but said said as far as the industry is concerned “anything above RM2,000 is a bonus.” -- Bloomberg

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