Palm Oil Poised to Decline After Rebound, Mistry Predicts
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Palm oil, the most-used cooking oil, is set to resume its decline in the next few days after a bounce, said Dorab Mistry, director at Godrej International Ltd.
Prices may decline to $749 a metric ton for cargoes delivered in Rotterdam because the export tax in Indonesia, the biggest producer, drops to zero at that level, said Mistry in response to e-mailed questions from Bloomberg. He correctly predicted a slump in futures in July. Crude palm oil was at $800 in Rotterdam yesterday, data compiled by Bloomberg show.