Palm Oil May Tumble on Rising Global Supplies, Mistry Says

Palm, the world’s most-used cooking oil, may slump to the lowest level since 2009 by January as global supplies of edible oils expand and crude oil weakens, said Dorab Mistry, director at Godrej International Ltd.

Futures will probably decline to 2,000 ringgit ($630) a metric ton in Kuala Lumpur if Brazil and Argentina, the largest soybean growers after the U.S., harvest bigger crops and Brent drops below $100 a barrel, Mistry told a conference in Mumbai yesterday. Prices will not drop below 2,200 ringgit in the next few weeks and will trade from 2,200 to 2,400 ringgit, he said.