Dry spell could boost palm oil RM3,000 or more per tonne (update)

KUALA LUMPUR: Consensus estimates for the crude palm oil (CPO) prices this year indicate that they could touch the RM3,000 per tonne level, if not higher, as industry thought leaders tracked effects of the dry spell and biodiesel demands.

Godrej International Ltd director Dorab Mistry said weather held the key for palm oil prices this year and that the lack of rainfall next week would be crucial to revising price estimates going forward.