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Analyst Dorab Mistry said palm oil could rise about 10% by Q1 2017 before falling as stockpiles recover. Benchmark prices have surged roughly 20% this year on a weaker ringgit and strong rival edible oil markets, hitting a four-year high of 3,098 ringgit on Thursday.
He forecast a 3,000-3,300 ringgit range through March and a decline toward 2,400 ringgit by June 2017 as El Niño-hit production recovers.
A forecast peak then decline in palm prices signals firmer near-term costs for palm-based feed ingredients such as palm kernel and oil before easing into mid-2017. Weak ringgit, soyoil strength and US biodiesel mandates are the cited support factors.
thestar.com.myThe Star OnlineNov 25, 2016Not 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.
