Palm-Oil Veteran Mistry Says Indonesia Has ‘Hidden’ Reserves

Palm-oil reserves in Indonesia, the largest producer, may total about 4 million metric tons, twice as much typically estimated, according to Godrej International Ltd., which forecast a rise in Malaysian stockpiles to a record.

“It is difficult to be bullish on palm-oil prices,” Dorab Mistry, a director at Godrej International Ltd., told a conference in Singapore, citing the stockpiles, slower economic growth and rising output. The tropical oil may trade between 2,900 ringgit ($930) and 3,300 ringgit a ton this month and next, he said. The most-active contract slumped as much as 2.6 percent to 2,913 ringgit a ton on Malaysia Derivatives Exchange today.