POTS GHANA 2016 Plenary Paper Global Supply Outlook for Oils Fats in 20172018 Focus on West Africa Dr James Fry LMC International
Outlook for Oils & Fats in 2017/18
with a Focus on West Africa
Presentation to the Malaysia-Ghana POTS, 2017, Accra
by Dr. James Fry, Chair, LMC International, Oxford, UK
23rd October 2017
© 2017 LMC International. All rights reserved.
www.Lmc.co.uk
Setting the scene for today
I spent the first six years of my working life in Africa, teaching at the universities in
Lusaka and Lubumbashi. Since then my colleagues and I have prepared many
studies on agriculture throughout the continent. Therefore, I am extremely pleased
to be in Ghana again, though for once not about cocoa or shea.
I will start my with a review of oil palm in Africa and Ghana in particular before I
turn to the outlook for the broad world market for palm and other vegetable oils.
To help you to understand the world market today, I must first explain the influence
of the recent weather shock, in the form of the El Niño, which has had a major
impact on palm oil production round the world over the past two years.
I will then turn to consider the behaviour of vegetable oil prices and how they have
become linked to the crude oil (i.e., petroleum) price, via the influence of biofuels.
I will conclude with forecasts of global palm oil output growth over the next year
and deduce the implications for the price of CPO.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
The outlook for palm oil
The oil palm industry in its original home
the West African experience
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
3
Africa has lagged behind the rest of the world in CPO output
70
35%
60
30%
50
25%
40
20%
30
15%
20
10%
10
5%
0
0%
1975
1980
Africa
1985
1990
1995
Latin America etc
© 2017 LMC International. All rights reserved.
2000
2005
SE Asia
Malaysia-Ghana POTS, 2017
2010
2015
Africa's share
Africa's share
Million tonnes of CPO
Since 1975, Africa’s share has plummeted from 33% to less than 4% this year.
Growth has been concentrated in Asia and Latin America
CPO output growth rates have actually crept up in Africa, but from a low base.
14%
Annual growth in CPO output
12%
10%
8%
6%
4%
2%
0%
1975-1985
1985-1995
Africa
© 2017 LMC International. All rights reserved.
1995-2005
Rest of World
Malaysia-Ghana POTS, 2017
2005-2017
Africa sees lots of cross-border trade, e.g., Benin-Nigeria
Official statistics are not always reliable. They imply, for example, per capita CPO
demand of 50 kgs in Benin, 7 kgs in Nigeria, 27 in Ghana and 10 in Côte d’Ivoire.
3.5
3.0
2.5
Million tonnes
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
2000
2004
Net imports
© 2017 LMC International. All rights reserved.
2008
Output
Imports
2012
Exports
Malaysia-Ghana POTS, 2017
2016
Demand
Bei g et i porters, except i Côte d’Ivoire, lifts local prices
Nigeria’s big deficit in oils and large import tariffs lead to the highest CPO prices.
1,400
US$ per tonne of CPO
1,200
1,000
800
600
400
200
0
2008-2011
FOB SE Asia
© 2017 LMC International. All rights reserved.
2012-2015
EU
Cote d'Ivoire
Cameroon
Malaysia-Ghana POTS, 2017
Nigeria
Local refiners also benefit from import tariff protection
Apparent Cameroon and Nigeria refining margins are much larger than elsewhere.
2,000
US$ per tonne of RBD Olein
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2008-2011
FOB SE Asia
© 2017 LMC International. All rights reserved.
2012-2015
EU
Cameroon
Malaysia-Ghana POTS, 2017
Nigeria
The outlook for palm oil
The oil palm industry in Ghana
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
9
Ghanaian data state that traditional producers predominate
It is difficult to check estimates for the smallholder sector. We see that large
and medium sized mills/plantations together supply less than 100,000 tonnes.
Official CPO output figures, '000 tonnes
500
450
400
350
300
250
200
150
100
50
0
2008
Companies
© 2017 LMC International. All rights reserved.
2010
Medium mills
Malaysia-Ghana POTS, 2017
2012
Small
The biggest challenge in Ghana is to raise local FFB yields
Local yields are well below S.E. Asian levels of over 20 tonnes. IPNI/Solidaridad
are now promoting Best Management Practices among Ghanaian smallholders.
14
FFB yields, tonnes per hectare
12
10
8
6
4
2
0
Companies
2008
© 2017 LMC International. All rights reserved.
Medium mills
2010
Malaysia-Ghana POTS, 2017
Small
2012
The outlook for palm oil
The El Niño slump and subsequent recovery:
the evidence from Malaysia
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
12
The 2015/16 El Niño was in line with the last major El Niño
.. but La Niña (Oceanic Niño Index below minus 0.5) never really materialised,
nor did a possible second El Niño drought (with an ONI above plus 0.5).
2.5
3 month moving average, ONI
2.0
1.5
1.0
El Niño
0.5
0.0
-0.5
La Niña
-1.0
-1.5
-2.0
Jan
Jul
Jan
ONI 1997-99
© 2017 LMC International. All rights reserved.
Jul
Jan
ONI 2015-17
Malaysia-Ghana POTS, 2017
Jul
Year-on-year growth in Malaysian CPO output has stuttered
Malaysia’s 2017 monthly year-on-year growth is lagging behind 1999 levels,
when the speed of the recovery from the El Niño drought was very dramatic.
Year on year, CPO output growth
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
Jan
Jul
Jan
Growth 1997-99
© 2017 LMC International. All rights reserved.
Jul
Jan
Jul
Growth 2015-17
Malaysia-Ghana POTS, 2017
World CPO output will grow 6 mn mt in both 2017 & 2018
.. after falling nearly 7 million tonnes in 2016. This plots rolling 12 month yearon-year changes in world CPO output, led by Indonesia and Malaysia
12 month world CPO output growth mn mt
8
6
4
2
0
-2
-4
-6
-8
Q1.2014
Q1.2015
Indonesia
© 2017 LMC International. All rights reserved.
Q1.2016
Q1.2017
Malaysia
Malaysia-Ghana POTS, 2017
Q1.2018
Others
The outlook for palm oil
The link between CPO and petroleum prices:
the emergence of the price band
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
16
2007 heralded the creation of a price band in which EU
vegetable oil prices trade at premia to Brent crude oil
In 2007, biofuels took over 10% of world vegetable oil output. This proved
sufficient to create a price band, with Brent crude oil prices setting the floor.
EU prtices (US$ per tonne)
2,100
1,800
1,500
1,200
900
600
300
0
Jan-05
Jan-07
Soy Oil
© 2017 LMC International. All rights reserved.
Jan-09
CPO
Jan-11
Rapeseed Oil
Jan-13
Jan-15
Sun Oil
Malaysia-Ghana POTS, 2017
Jan-17
Brent
There is a link between stocks and the CPO-Brent spread
600
3,050
500
2,800
400
2,550
300
2,300
200
2,050
100
1,800
0
1,550
-100
Jan-08 Apr-09
1,300
Jul-10
Oct-11
EU CPO Premium over Brent
© 2017 LMC International. All rights reserved.
Jan-13 Apr-14
Jul-15
Average CPO Premium
Malaysia-Ghana POTS, 2017
Oct-16
MPOB Stocks
MPOB Palm Oil Stocks, '000 tonnes
EU premium over Brent, US$ per tonne
When Malaysian stocks are high, the pressure on prices means that the EU
CPO premium over Brent is low; and when stocks are low, the premium is high.
Stocks will rise as we get to 2018, lowering the CPO premium
800
3,000
700
2,800
600
2,600
500
2,400
400
2,200
300
2,000
200
1,800
100
1,600
0
1,400
-100
Jan-08
1,200
Jan-10
Jan-12
EU CPO Premium over Brent
© 2017 LMC International. All rights reserved.
Jan-14
Jan-16
Average Premium
Malaysia-Ghana POTS, 2017
Jan-18
MPOB Stocks
MPOB Palm Oil Stocks, '000 tonnes
EU premium over Brent , US$ per tonne
Higher stocks will cut the premium from $315 in September to $250 by May. If Brent
stays at $58/bbl ($425/tonne), this will put EU CPO at $675 in May, vs. $720 now.
A new factor is Indonesia's CPO Fund and biodiesel mandate
The volume of biodiesel subsidised by the Indonesian CPO Fund moves in the
opposite direction to the CPO-crude oil spread, thus acting as a price stabiliser..
8
Amount able to be subsidised, mn tonnes
7
6
5
Oct 2015
4
3
Feb 2016
2
Mid-Oct 2017
1
525
545
565
585
605
625
645
665
685
705
FOB CPO price, US$ per tonne
725
745
This plots trade-offs of the mandate vs. FOB CPO at $55 Brent, with $750 million to spend.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
Palm oil is at the heart of vegetable oil pricing
Malaysian Palm Oil Board’s stock totals, published on the 10th of each
month, are the key influence on CPO prices and the price band.
The premium for EU CPO over Brent crude is inversely related to the
level of MPOB stocks, with the average CPO premium close to $250.
The Indonesian CPO Fund collects a large sum (approaching $1,000
million this year) from export levies on all exports of palm products.
The Fund subsidises palm biodiesel, guaranteeing a fixed margin to
producers, while the subsidy keeps biodiesel is as cheap as diesel.
The amount of palm oil used in the mandate is therefore inversely
(i.e., negatively) related to the CPO premium over diesel in S.E. Asia.
This reinforces the price band. It reduces the build-up of stocks (and
thus softens the fall in the CPO price) when there is a large supply
surplus; and it cuts the use of CPO for biodiesel (dampening the rise
in the price) when supplies are tight and stocks are low.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
21
The current situation in the seed oil sector
The outlook for rapeseed and sunflower crops this year is for little
change in the total harvest from the level in 2016. Therefore, supplies
of these two seed oils should be adequate.
Soybeans are becoming a crop that seems to survive the usual US
crop scares for fear of droughts in July/August, since one or two
heavy rains now seem able to produce an excellent harvest. What
matters, however, is how the demand for soybean meal is developing,
since soybean oil is only obtained when soybeans are crushed for
meal (which represents about 80% of the output after crushing).
China continues to surprise everyone, including itself, with steady,
high growth in meal demand, and this means that worldwide soybean
oil supplies are growing in parallel, reducing China’s palm oil imports.
As a result, everyone looks to palm oil to give the lead to the market
and to set the level of prices for the entire vegetable oil complex.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
22
Summary and Conclusions
The behaviour of vegetable oil prices over the past decade is one of
the best examples of the Law of Unintended Consequences.
By taking more than 10% of world oils output, biofuels have linked
vegetable oil prices to those of petroleum, within a price band.
Within the oils complex, the only oil crop whose daily crop output has
to be stored as oil, not as oilseed, is oil palm. For this reason, and of
course also because it is now easily the world’s largest source of oils,
it plays the central role in the entire structure of vegetable oil prices.
Indonesia’s CPO Fund has brought an important stabilising element
to the price band, while reinforcing the central role of the band.
Seed oil prices tend to move together, thanks to their substitutability
in biodiesel output and food use, but they cannot escape from CPO.
With the recovery in CPO output after El Niño, we are set for a period
of lower price premia for all vegetable oils over Brent crude.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
23
The outlook for palm oil
Thank you for your attention
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
24
Oxford
New York
Kuala Lumpur
4th Floor, Clarendon House
52 Cornmarket Street
Oxford
OX1 3HJ
UK
1841 Broadway
New York, NY 10023
USA
SO-30-8
Menara 1
No3 Jalan Bangsar
KL Eco City
59200 Kuala Lumpur
Malaysia
T +44 1865 791737
F +44 1865 791739
T +1 (212) 586-2427
F +1 (212) 397-4756
T +603 5611 9337
info@lmc.co.uk
info@lmc-ny.com
info@lmc-kl.com
www.Lmc.co.uk
© LMC International, 2017
All rights reserved
This presentation and its contents are to be held confidential by the client, and are not to be disclosed, in whole or in part, in any
manner, to a third party without the prior written consent of LMC International.
While LMC has endeavoured to ensure the accuracy of the data, estimates and forecasts contained in this presentation,
any decisions based on them (including those involving investment and planning) are at the client’s own risk.
LMC International can accept no liability regarding information analysis and forecasts contained in this presentation.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
with a Focus on West Africa
Presentation to the Malaysia-Ghana POTS, 2017, Accra
by Dr. James Fry, Chair, LMC International, Oxford, UK
23rd October 2017
© 2017 LMC International. All rights reserved.
www.Lmc.co.uk
Setting the scene for today
I spent the first six years of my working life in Africa, teaching at the universities in
Lusaka and Lubumbashi. Since then my colleagues and I have prepared many
studies on agriculture throughout the continent. Therefore, I am extremely pleased
to be in Ghana again, though for once not about cocoa or shea.
I will start my with a review of oil palm in Africa and Ghana in particular before I
turn to the outlook for the broad world market for palm and other vegetable oils.
To help you to understand the world market today, I must first explain the influence
of the recent weather shock, in the form of the El Niño, which has had a major
impact on palm oil production round the world over the past two years.
I will then turn to consider the behaviour of vegetable oil prices and how they have
become linked to the crude oil (i.e., petroleum) price, via the influence of biofuels.
I will conclude with forecasts of global palm oil output growth over the next year
and deduce the implications for the price of CPO.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
The outlook for palm oil
The oil palm industry in its original home
the West African experience
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
3
Africa has lagged behind the rest of the world in CPO output
70
35%
60
30%
50
25%
40
20%
30
15%
20
10%
10
5%
0
0%
1975
1980
Africa
1985
1990
1995
Latin America etc
© 2017 LMC International. All rights reserved.
2000
2005
SE Asia
Malaysia-Ghana POTS, 2017
2010
2015
Africa's share
Africa's share
Million tonnes of CPO
Since 1975, Africa’s share has plummeted from 33% to less than 4% this year.
Growth has been concentrated in Asia and Latin America
CPO output growth rates have actually crept up in Africa, but from a low base.
14%
Annual growth in CPO output
12%
10%
8%
6%
4%
2%
0%
1975-1985
1985-1995
Africa
© 2017 LMC International. All rights reserved.
1995-2005
Rest of World
Malaysia-Ghana POTS, 2017
2005-2017
Africa sees lots of cross-border trade, e.g., Benin-Nigeria
Official statistics are not always reliable. They imply, for example, per capita CPO
demand of 50 kgs in Benin, 7 kgs in Nigeria, 27 in Ghana and 10 in Côte d’Ivoire.
3.5
3.0
2.5
Million tonnes
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
2000
2004
Net imports
© 2017 LMC International. All rights reserved.
2008
Output
Imports
2012
Exports
Malaysia-Ghana POTS, 2017
2016
Demand
Bei g et i porters, except i Côte d’Ivoire, lifts local prices
Nigeria’s big deficit in oils and large import tariffs lead to the highest CPO prices.
1,400
US$ per tonne of CPO
1,200
1,000
800
600
400
200
0
2008-2011
FOB SE Asia
© 2017 LMC International. All rights reserved.
2012-2015
EU
Cote d'Ivoire
Cameroon
Malaysia-Ghana POTS, 2017
Nigeria
Local refiners also benefit from import tariff protection
Apparent Cameroon and Nigeria refining margins are much larger than elsewhere.
2,000
US$ per tonne of RBD Olein
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2008-2011
FOB SE Asia
© 2017 LMC International. All rights reserved.
2012-2015
EU
Cameroon
Malaysia-Ghana POTS, 2017
Nigeria
The outlook for palm oil
The oil palm industry in Ghana
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
9
Ghanaian data state that traditional producers predominate
It is difficult to check estimates for the smallholder sector. We see that large
and medium sized mills/plantations together supply less than 100,000 tonnes.
Official CPO output figures, '000 tonnes
500
450
400
350
300
250
200
150
100
50
0
2008
Companies
© 2017 LMC International. All rights reserved.
2010
Medium mills
Malaysia-Ghana POTS, 2017
2012
Small
The biggest challenge in Ghana is to raise local FFB yields
Local yields are well below S.E. Asian levels of over 20 tonnes. IPNI/Solidaridad
are now promoting Best Management Practices among Ghanaian smallholders.
14
FFB yields, tonnes per hectare
12
10
8
6
4
2
0
Companies
2008
© 2017 LMC International. All rights reserved.
Medium mills
2010
Malaysia-Ghana POTS, 2017
Small
2012
The outlook for palm oil
The El Niño slump and subsequent recovery:
the evidence from Malaysia
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
12
The 2015/16 El Niño was in line with the last major El Niño
.. but La Niña (Oceanic Niño Index below minus 0.5) never really materialised,
nor did a possible second El Niño drought (with an ONI above plus 0.5).
2.5
3 month moving average, ONI
2.0
1.5
1.0
El Niño
0.5
0.0
-0.5
La Niña
-1.0
-1.5
-2.0
Jan
Jul
Jan
ONI 1997-99
© 2017 LMC International. All rights reserved.
Jul
Jan
ONI 2015-17
Malaysia-Ghana POTS, 2017
Jul
Year-on-year growth in Malaysian CPO output has stuttered
Malaysia’s 2017 monthly year-on-year growth is lagging behind 1999 levels,
when the speed of the recovery from the El Niño drought was very dramatic.
Year on year, CPO output growth
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
Jan
Jul
Jan
Growth 1997-99
© 2017 LMC International. All rights reserved.
Jul
Jan
Jul
Growth 2015-17
Malaysia-Ghana POTS, 2017
World CPO output will grow 6 mn mt in both 2017 & 2018
.. after falling nearly 7 million tonnes in 2016. This plots rolling 12 month yearon-year changes in world CPO output, led by Indonesia and Malaysia
12 month world CPO output growth mn mt
8
6
4
2
0
-2
-4
-6
-8
Q1.2014
Q1.2015
Indonesia
© 2017 LMC International. All rights reserved.
Q1.2016
Q1.2017
Malaysia
Malaysia-Ghana POTS, 2017
Q1.2018
Others
The outlook for palm oil
The link between CPO and petroleum prices:
the emergence of the price band
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
16
2007 heralded the creation of a price band in which EU
vegetable oil prices trade at premia to Brent crude oil
In 2007, biofuels took over 10% of world vegetable oil output. This proved
sufficient to create a price band, with Brent crude oil prices setting the floor.
EU prtices (US$ per tonne)
2,100
1,800
1,500
1,200
900
600
300
0
Jan-05
Jan-07
Soy Oil
© 2017 LMC International. All rights reserved.
Jan-09
CPO
Jan-11
Rapeseed Oil
Jan-13
Jan-15
Sun Oil
Malaysia-Ghana POTS, 2017
Jan-17
Brent
There is a link between stocks and the CPO-Brent spread
600
3,050
500
2,800
400
2,550
300
2,300
200
2,050
100
1,800
0
1,550
-100
Jan-08 Apr-09
1,300
Jul-10
Oct-11
EU CPO Premium over Brent
© 2017 LMC International. All rights reserved.
Jan-13 Apr-14
Jul-15
Average CPO Premium
Malaysia-Ghana POTS, 2017
Oct-16
MPOB Stocks
MPOB Palm Oil Stocks, '000 tonnes
EU premium over Brent, US$ per tonne
When Malaysian stocks are high, the pressure on prices means that the EU
CPO premium over Brent is low; and when stocks are low, the premium is high.
Stocks will rise as we get to 2018, lowering the CPO premium
800
3,000
700
2,800
600
2,600
500
2,400
400
2,200
300
2,000
200
1,800
100
1,600
0
1,400
-100
Jan-08
1,200
Jan-10
Jan-12
EU CPO Premium over Brent
© 2017 LMC International. All rights reserved.
Jan-14
Jan-16
Average Premium
Malaysia-Ghana POTS, 2017
Jan-18
MPOB Stocks
MPOB Palm Oil Stocks, '000 tonnes
EU premium over Brent , US$ per tonne
Higher stocks will cut the premium from $315 in September to $250 by May. If Brent
stays at $58/bbl ($425/tonne), this will put EU CPO at $675 in May, vs. $720 now.
A new factor is Indonesia's CPO Fund and biodiesel mandate
The volume of biodiesel subsidised by the Indonesian CPO Fund moves in the
opposite direction to the CPO-crude oil spread, thus acting as a price stabiliser..
8
Amount able to be subsidised, mn tonnes
7
6
5
Oct 2015
4
3
Feb 2016
2
Mid-Oct 2017
1
525
545
565
585
605
625
645
665
685
705
FOB CPO price, US$ per tonne
725
745
This plots trade-offs of the mandate vs. FOB CPO at $55 Brent, with $750 million to spend.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
Palm oil is at the heart of vegetable oil pricing
Malaysian Palm Oil Board’s stock totals, published on the 10th of each
month, are the key influence on CPO prices and the price band.
The premium for EU CPO over Brent crude is inversely related to the
level of MPOB stocks, with the average CPO premium close to $250.
The Indonesian CPO Fund collects a large sum (approaching $1,000
million this year) from export levies on all exports of palm products.
The Fund subsidises palm biodiesel, guaranteeing a fixed margin to
producers, while the subsidy keeps biodiesel is as cheap as diesel.
The amount of palm oil used in the mandate is therefore inversely
(i.e., negatively) related to the CPO premium over diesel in S.E. Asia.
This reinforces the price band. It reduces the build-up of stocks (and
thus softens the fall in the CPO price) when there is a large supply
surplus; and it cuts the use of CPO for biodiesel (dampening the rise
in the price) when supplies are tight and stocks are low.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
21
The current situation in the seed oil sector
The outlook for rapeseed and sunflower crops this year is for little
change in the total harvest from the level in 2016. Therefore, supplies
of these two seed oils should be adequate.
Soybeans are becoming a crop that seems to survive the usual US
crop scares for fear of droughts in July/August, since one or two
heavy rains now seem able to produce an excellent harvest. What
matters, however, is how the demand for soybean meal is developing,
since soybean oil is only obtained when soybeans are crushed for
meal (which represents about 80% of the output after crushing).
China continues to surprise everyone, including itself, with steady,
high growth in meal demand, and this means that worldwide soybean
oil supplies are growing in parallel, reducing China’s palm oil imports.
As a result, everyone looks to palm oil to give the lead to the market
and to set the level of prices for the entire vegetable oil complex.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
22
Summary and Conclusions
The behaviour of vegetable oil prices over the past decade is one of
the best examples of the Law of Unintended Consequences.
By taking more than 10% of world oils output, biofuels have linked
vegetable oil prices to those of petroleum, within a price band.
Within the oils complex, the only oil crop whose daily crop output has
to be stored as oil, not as oilseed, is oil palm. For this reason, and of
course also because it is now easily the world’s largest source of oils,
it plays the central role in the entire structure of vegetable oil prices.
Indonesia’s CPO Fund has brought an important stabilising element
to the price band, while reinforcing the central role of the band.
Seed oil prices tend to move together, thanks to their substitutability
in biodiesel output and food use, but they cannot escape from CPO.
With the recovery in CPO output after El Niño, we are set for a period
of lower price premia for all vegetable oils over Brent crude.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
23
The outlook for palm oil
Thank you for your attention
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017
24
Oxford
New York
Kuala Lumpur
4th Floor, Clarendon House
52 Cornmarket Street
Oxford
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© LMC International, 2017
All rights reserved
This presentation and its contents are to be held confidential by the client, and are not to be disclosed, in whole or in part, in any
manner, to a third party without the prior written consent of LMC International.
While LMC has endeavoured to ensure the accuracy of the data, estimates and forecasts contained in this presentation,
any decisions based on them (including those involving investment and planning) are at the client’s own risk.
LMC International can accept no liability regarding information analysis and forecasts contained in this presentation.
© 2017 LMC International. All rights reserved.
Malaysia-Ghana POTS, 2017