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NEWS UPDATES 5 August 2010

Palm oil prices must rise

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The price of palm oil must rise by as much as 24 percent to cool export demand as output declines in Malaysia, the second-biggest grower, and dry weather damages canola crops in Europe and Canada, according to Dorab Mistry, a director at Godrej International Ltd.

“The market needs to move ahead rapidly so that there is time for rationing to set in,” Mistry, who’s traded vegetable oils for more than three decades, said in an e-mail. “At RM2,600, you cannot match demand with supply. And on top of that, the supply is shrinking.”

Palm oil has rallied 13 percent from a seven-month low on July 7 on optimism consumption will increase in Asian nations, which mark festivals in the September quarter, and on concern that weather may disrupt output in Indonesia and Malaysia, the biggest producers.

October-delivery futures dropped as much as 0.7 per cent to RM2,571 (US$811) a ton on the Malaysia Derivatives Exchange and were at RM2,578 at 11:24 am Kuala Lumpur local time. The price gained 1.1 per cent to RM2,590 yesterday, the highest close since April 9.

Palm oil may gain in the second half as dry weather caused by El Nino pares output in Malaysia and Indonesia and the price may rise as high as RM3,200 a ton after June, Ministry told a conference in Kuala Lumpur in March.

Godrej is one of India’s biggest vegetable oil importers.

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