Palm Oil Seen Extending Climb on Ringgit Weakness, Mistry Says
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Palm oil may extend its bull market climb should the Malaysian currency retreat further against the dollar, according to Dorab Mistry, director at Godrej Industries Ltd.
Palm oil touched 2,460 ringgit ($555) a metric ton on Tuesday, the highest since June 2014, as the ringgit dropped against the greenback, making the world’s most-used edible oil cheaper for international buyers. The commodity bounced into a bull market last week amid concerns over the impact of haze on the world’s biggest producing region and a strengthening El Nino.