Energy Rout Resuming Seen by Coleman Weighing on Palm Oil Prices
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Palm oil futures trading near the highest level since July may weaken as energy prices resume a decline and global soybean supplies expand, according to Michael Coleman, managing director of RCMA Asset Management Pte.
Futures may trade between $550 and $700 a metric ton on the Bursa Malaysia Derivatives in the next six to eight weeks as petroleum prices come under pressure again and Brazil’s soybean harvest progresses, Coleman said in a phone interview on March 2. Coleman helps to run the Merchant Commodity Fund, which was worth about $288 million at the end of January.