Indonesian production to push down palm oil price
A leading palm oil analyst has told a conference in Beijing that increased Indonesian production will likely push down the crude palm oil (CPO) price to below US$994/MT (3,000MYR) in the coming months, Dow Jones newswires reported.
Godrej International Limited director Dorab Mistry increased his forecast for Indonesian CPO production from 24 million MT to to 25 million MT for the year, the newswires reported.
"The velocity of CPO production in Indonesia is much better than I had expected," he was quoted as saying.
"Given the larger palm oil production forecast…I expect the MYR3,000 support to be penetrated, and prices could go even lower.”