Palm Rally Extending for Mistry as Indonesian Output Drops
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Palm, the world’s most used cooking oil, is set to extend a bull market rally as output drops in Indonesia and biofuel mandates expand globally, said Dorab Mistry, director at Godrej International Ltd.
Futures will trade from 2,600 ringgit ($807) to 2,900 ringgit a metric ton between now and March, Mistry said in comments prepared for a conference in Bandung, Indonesia. Prices may rally further to 3,000 ringgit if Brazil implements a higher biodiesel mandate, which would bolster soybean oil prices, he said. That level may not be sustained as export taxes will further increase costs, he said.