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Analyst Dorab Mistry forecast that Malaysian palm oil futures could rise to 2,200 ringgit a tonne by September 2019. He expects prices to fall back to about 2,000 ringgit later as stocks build.
He raised his 2019 Malaysian output forecast to 20.3 million tonnes and assumed Brent crude between $60 and $80 a barrel.
Expected production constraints ahead of the September season support prices, while rising stocks later could reverse the gains.
theborneopost.comJul 31, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Dorab Mistry's forecast of a rise to 2,200 ringgit by September, published on the day of the jump, would have lifted sentiment and encouraged buying.
Mistry's forecast of 2,200 ringgit by September fed bullish sentiment and buying interest on July 31, supporting a sharp price rise.
