PETALING JAYA: Palm oil may climb about 15% from current levels to exceed RM5,000 (US$1,191) a tonne by year-end, after the crop’s seasonally-high production cycle ends, according to veteran trader Dorab Mistry.
Prices of the world’s most-consumed cooking oil may even jump to RM5,500, the highest since June 2022, in the first quarter of next year if top grower Indonesia continues to seize plantations and raises the biofuel mix in diesel to 50%, Mistry, director at Godrej International Ltd, said in slides prepared for a conference in Colombia.
“Palm oil production has become flat,” said Mistry, who has been trading vegetable oils for over three decades.
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