-A +A JAKARTA (June 28): Malaysian palm oil prices are forecast to fall to RM2,100 (US$520.60) a tonne in the next two months due to rising output, putting it at a discount to market rival soyoil, said leading vegetable oils analyst Dorab Mistry on Thursday. “As production picks up from July onwards, prices will have to decline to a discount of US$100 under crude soyoil FOB,” Mistry said at a seminar in Jakarta, although prices may initially rise from current levels. FOB refers to free-on-board basis pricing. “That will enable palm to regain market share and keep stocks under control. RM2,100 is possible (in the) next 60 days,” he said, assuming Brent crude oil prices stay in a US$75-US$85 a barrel range. Benchmark palm oil prices were flat at RM2,315 a tonne on Thursday, but have lost 4.7% for June so far on overall weak demand. Palm oil is currently at a US$78 discount with the Chicago December soybean oil contract. Mistry, who is also the director of Indian consumer goods company Godrej International, said other factors impacting palm oil’s market outlook include Indonesia’s efforts to increase local biodiesel consumption and currency exchange rates. He said palm oil could also… Read full this story
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Palm prices to decline in next 2 mths, India demand to remain weak — analyst Mistry have 320 words, post on www.theedgemarkets.com at June 28, 2018. This is cached page on Trend . If you want remove this page, please contact us.