The Star Godrej sees RM3,000 palm oil; limited supply of soybean

Petaling Jaya

Crude palm oil (CPO) prices are likely to hit RM3,000 per tonne in a month on increased demand and less supply of soybean, according to Godrej International Ltd director Dorab Mistry in an interview on Bloomberg.

CPO prices have gained some 33% this year on concerns that the dry season in Argentina might limit soybean production, raising demand for palm oil as the alternative.

Godrej is one the largest importers of edible oils into India.

Plantation stocks on Bursa Malaysia were hardly changed. At 10.28am, Sime Darby Bhd, IOI Corp Bhd and United Plantations were unchanged at RM6.75, RM4.62 and RM12.20 respectively while Kuala Lumpur Kepong was down 20 sen at RM11.70.

Palm oil futures starts trading on the Malaysian Derivatives Exchange at 11.00 am. Palm oil for August delivery closed at RM2,505 per tonne yesterday.