“They can wait for 7-10 or 15 days, but they have to export because they do not have enough storage to keep the oil. I feel that by May 10, it should start exporting and prices should start looking downwards because there is no other reason left for higher prices,” Mallick told Financial Express as reported by CNN Indonesia, Thursday (5/5).
He added that the price of CPO has reached its peak and will begin to slide from June onwards.
“By the end of the June quarter, we should see a correction in edible oil prices. We have seen the peak, and by June, we will see the market getting corrected,” he said.