Palm May Drop to Three-Year Low as Demand Slows, Mistry Says
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Palm, the most-used cooking oil, is set to decline to a three-year low in the next six weeks as reserves climb and crude oil drops amid a global slowdown, said Dorab Mistry, director at Godrej International Ltd. Prices fell.
Futures in Malaysia, the global benchmark, may decline to 2,200 ringgit ($719) a metric ton, the lowest level for a most-active contract since November 2009, Mistry told a conference today. He correctly forecast a slump in July. Inventories in Malaysia, the second-largest producer, will reach or exceed a record 3 million tons on Jan. 1, he said, restating a prediction.