Palm oil is expected to drop on increasing global supplies according to Mistry

According to Dorab Mistry, director at Godrej International Ltd., palm, the world’s most common cooking oil, may drop to the lowest level since 2009 by January as global supplies of edible oils grow larger and crude oil weakens. Futures are expected pull back to 2,000 ringgit a metric ton in Kuala Lumpur if Argentina and Brazil, the largest soybean cultivators after the U.S. harvest bigger crops and Brent crude drops below 100 USD a barrel. Prices are expected to stay above 2,200 ringgit in the next few weeks and will trade between 2,200 and 2,400 ringgit, according to Mistry who also said:...

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