Dec. 23 (Bloomberg) -- Palm oil seen trading between 2,600
ringgit/t and 2,900 ringgit on Bursa Malaysia Derivatives, says
Dorab Mistry, director at Godrej International Ltd.
* Futures may climb to 3,000 ringgit/t by March and not be
sustained for long at that level, he says in slides prepared
for a National Commodity & Derivatives Exchange event in
Mumbai.
* NOTE: Mistry maintained predictions made at conference in
Indonesia on Nov. 29
* “I am not bearish on the vegetable oil complex,” says
Mistry. “Palm production is coming down and stocks are also
down. Food and bio diesel demand will be higher,” he says
* Price outlook assumes Brent at $95/bbl to $115, continued
quantitative easing at lower levels and normal weather, he
says
* Palm and soft oils may go sideways until mid-Jan., he
says
* Without biodiesel, prices would collapse, he says
* Indonesia’s mandate for use of 3.1m tons palm biodiesel by
Pertamina is game changer, he says
* Palm oil output in 2014 in Indonesia may be 30.5m tons vs
27.5m tons yr earlier, he says
* Production in Malaysia may be 19.5m to 19.7m tons vs 19.2m
tons, he says
* Palm output in Indonesia in 2013 is 500,000t lower than
2012, with final quarter much lower yr on yr, he says
* Prices may drop in second half 2014 on strong production,
with high cycle in Indonesia starting in May, he says
* China may import 70m tons of soybeans, he says
To contact the reporter on this story:
Pratik Parija in New Delhi at +91-11-4179-2032 or
pparija@bloomberg.net