Business Times Palm oil may hit RM3,000 in a month: Mistry

Palm oil futures may rise to RM3,000 (US$853) a metric ton within a month on increased demand and the reduced supply of soybean oil, Dorab Mistry, director of Godrej International Ltd, said today in an interview.

Palm oil for August delivery gained 3.1 per cent to RM2,505 ringgit a ton on the Malaysia Derivatives Exchange. The commodity has advanced about 33 per cent this year amid speculation that drought in Argentina may curb soybean oil supplies, boosting demand for rival palm oil.

Godrej is one of the largest importers of edible oils into India, the biggest consumer of palm oil after China. Mistry has traded the commodity for more than three decades. About 90 per cent of palm oil is produced in Malaysia and Indonesia. - Bloomberg