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Monday, November 14, 2011

Palm oil may rise to RM4,000 (OSK)

Palm oil may rise to RM4,000 by June 2012, Mistry says. Palm oil may rise to RM4,000 by the end of the first half next year, the highest since 2008, as output slows in Indonesia and Malaysia, and demand remains “buoyant”, said Dorab Mistry, director of Godrej International. With the growth in crude palm oil production decelerating and demand remaining buoyant, prices must rise,” said Mistry. Demand for vegetable oils is expected to grow by 6m tonnes in the 2011-2012 marketing year, outpacing global supply. Mistry cut his estimates for this year’s palm oil production for Malaysia to 18.8m tons from 19m tonnes and Indonesia’s output to 25.2m tonnes from 25.5m tonnes. (Bloomberg)

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