Palm Oil May Soar to RM2,950 : Fry

Palm oil prices may soar to RM2,950 (US$872) a metric ton by June if crude oil trades at US$75 a barrel and Malaysian palm oil stockpiles reach 1.25 million tons, James Fry, managing director of LMC International said.

That compares with his November 9 forecast of RM2,625 by April. Crude oil in New York closed at US$76.46 yesterday.

Palm oil stockpiles in Malaysia, the world’s second-largest producer, surged 25 per cent to a 10-month high of 1.97 million tons in October as production reached a monthly record of 1.99 million tons, according to the Malaysian Palm Oil Board’s data on Nov. 10.

Fry was speaking at a palm oil industry conference in Bali, Indonesia, today.

Palm oil prices in Malaysia, the industry benchmark, have soared 46 per cent this year to RM2,478 yesterday. — Bloomberg

Source : Business Times

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