Frost & Sullivan award underlines Evonik Goldschmidt's green credentials
- Publisher
- Elsevier Science
- Year
- 2009
- Weight
- 67 KB
- Volume
- 2009
- Category
- Article
- ISSN
- 1351-4210
No coin nor oath required. For personal study only.
✦ Synopsis
2007 up to the peak in mid-2008, the oils and fats sector saw prices grow by more than 100%. The strong increase in commodity prices triggered fears of growing worldwide inflation and declining food inventories. Government policy changes aimed at curbing inflation and falling food stocks further drove global crude palm oil prices, which peaked at $1255/tonne in Jun 2008. Dramatic price corrections occurred with the spread of the global economic crisis. In a dramatic about-face from 2007, supply increased considerably in 2008 owing to record plantings and yields. Palm oil inventories reached record levels in 2008, while prices declined 60% from its Jun 2008 peak to $505/tonne in Nov 2008. Price instability is forecast to continue. Output is projected to decline in 2009, due to declining prices and a drop in seasonal yield. The slowdown in global economic growth is expected to help moderate demand, causing prices to drop.