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Tuesday, 11 November 2008
CPO hasn’t bottomed out yet; may fall to MYR1,200/ton
Crude palm oil prices haven’t bottomed out so far and may fall to MYR1,200 a metric ton in case crude oil falls to $50 a barrel, Dorab Mistry, a London-based vegetable oils analyst, said Tuesday.
CPO hasn’t bottomed out yet; may fall to MYR1,200/ton
KUALA LUMPUR (Dow Jones) – Crude palm oil prices haven’t bottomed out so far and may fall to MYR1,200 a metric ton in case crude oil falls to $50 a barrel, Dorab Mistry, a London-based vegetable oils analyst, said Tuesday.
CPO prices may hover around MYR1,600/ton provided crude oil trades at $80/barrel, Mistry said addressing the China International Oils and Oilseed Conference in Guangzhou.
“Looking at the macro-economic situation, the outlook for demand and excellent weather worldwide, it is premature to talk of a bottoming out (of prices),” Mistry said.
The benchmark January contract on Malaysia’s derivatives exchange is currently trading around MYR1,600/ton.
“The MYR1,600 can’t be said to be a bottoming price. In a historical perspective, this price is almost mid-range.”
He said growth in demand for vegetable oils will be affected amid the current economic turmoil.
Mistry said soyoil prices could fall to $500/ton, free-on-board. Soyoil is currently being offered around $745/ton.
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CPO hasn’t bottomed out yet; may fall to MYR1,200/ton
KUALA LUMPUR (Dow Jones) – Crude palm oil prices haven’t bottomed out so far and may fall to MYR1,200 a metric ton in case crude oil falls to $50 a barrel, Dorab Mistry, a London-based vegetable oils analyst, said Tuesday.
CPO prices may hover around MYR1,600/ton provided crude oil trades at $80/barrel, Mistry said addressing the China International Oils and Oilseed Conference in Guangzhou.
“Looking at the macro-economic situation, the outlook for demand and excellent weather worldwide, it is premature to talk of a bottoming out (of prices),” Mistry said.
The benchmark January contract on Malaysia’s derivatives exchange is currently trading around MYR1,600/ton.
“The MYR1,600 can’t be said to be a bottoming price. In a historical perspective, this price is almost mid-range.”
He said growth in demand for vegetable oils will be affected amid the current economic turmoil.
Mistry said soyoil prices could fall to $500/ton, free-on-board. Soyoil is currently being offered around $745/ton.
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