Palm Oil Set to Plunge 20% by September, Top Analyst Predicts
- Veteran analyst Mistry in May correctly predicted earlier drop
- Market to keep sinking because of rising Indonesian reserves
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Palm oil, the world’s most consumed cooking oil, may extend its slide, tumbling more than 20% to 3,000 ringgit ($673) a ton by September, driven by surging supplies in Indonesia, said veteran analyst Dorab Mistry.
Inventories in top exporter Indonesia have swollen to 10 million tons and will continue to increase in August because of high production, before stabilizing at around 9-10 million tons in September, Mistry, director at Godrej International Ltd., said in an interview on Tuesday.