Palmoil HQ Malaysian palm oil futures may hit RM 3,000 on higher crude: Fry

Malaysian crude palm oil futures may hit 3,000 ringgit if crude oil markets continue to rise, top industry analyst James Fry said on Thursday, although he declined to give a timeframe.

“I myself would say the price will be 3,000 ringgit but it depends on crude oil, not vegetable oil,” Fry, chairman of London-based commodities consultancy LMC International, told reporters on the sidelines of a conference in the Indonesian capital.

Fry said Malaysian palm oil stocks may drop further in May, echoing the comments of many analysts and plantation owners. Palm oil inventories in April reached 22-month lows, at 1.29 million tonnes.

India was seen buying more palm oil on fears that the newly elected government would reimpose an import tax on the vegetable oil, Fry said, but did not give a figure for expected volumes.