Palm Oil May Drop to 2,800 Ringgit on Supplies, Mistry Says
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Palm oil may slump to as low as 2,800 ringgit ($952) per metric ton in September as output jumps in Malaysia and Indonesia, the world’s two largest growers, according to Dorab Mistry, director of Godrej International Ltd.
Malaysian output may gain 2 million tons to 19 million tons in 2011, Mistry told a symposium in Sydney today, according to an advance copy of his remarks. Indonesian production may rise 3 million tons to 25.5 million tons, said Mistry. Palm oil, which lost as much as 1.4 percent to 3,085 ringgit in Kuala Lumpur today, last traded at less than 2,800 ringgit in October 2010.