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Palm Oil May Climb to 2,400 Ringgit By End-March: Dorab Mistry

6 Feb 2019 5:26 pm
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NEW DELHI (Commoditiescontrol) - Veteran industry analyst Dorab Mistry on Wednesday maintained his earlier forecast that palm oil prices in Malaysia, the world’s second-biggest producer, may climb to 2,400 Ringgit a tonne by the end of March if the Malaysian currency remains at current levels.

Palm oil stockpiles in Malaysia and Indonesia may decline to about 6 million tonnes by April-May, Mistry, a director of Godrej International, said in slides for a presentation at an industry conference in Gurugram, Haryana.

Other major highlights of his presentation

*From March, futures may become inverted (Note: In futures markets, an inverted market occurs when near maturity contracts are higher in price than far maturity contracts)

*Palm production as measured in yields may only bottom in April and recovery will be slower than usual

*Price outlook for all vegetable oils will depend on consumption of bio-diesel

*Global bio-diesel consumption may total 44 million tonnes in 2019

*World vegetable oil supply to rise by 5.5 million tonnes in 2018-19 vs 7 million tonnes of incremental demand

*India’s total vegetable oil imports may climb to 15.7 million tonnes in 2018-19, up from 15.026 million tonnes a year earlier

*China’s soybean crushing in 2019 may exceed those in 2018

*U.S.-China trade spat unlikely to affect China’s soybean imports in 2019 as the Asian country has found new sources

*Maintains Malaysia’s 2019 palm output at 19 million tonnes to 19.5 million tonnes vs 19.5 million tonnes a year earlier

*Indonesia’s production in 2019 at 44 million tonnes vs 42 million tonnes

(By Commoditiescontrol Bureau)

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