Palm Seen Sinking to Six-Year Low by Mistry as Output Swells
This article is for subscribers only.
Palm oil, the world’s most used cooking oil, may slump to a six-year low in the second half as supplies expand and reserves accumulate in producing countries, according to Dorab Mistry, director at Godrej International Ltd.
Futures in Kuala Lumpur may retreat to 1,900 ringgit ($512) a metric ton, a level last seen in March 2009, Mistry said in remarks prepared for a conference in Beijing. Prices will trade between 2,100 and 2,300 ringgit until May, he said, abandoning a March forecast for a rally to 2,500 ringgit.