Palm oil futures seen rising to RM2,700 a tonne by June

Bullish scenario: Oil palms may suffer tree stress as haze returns to South-East Asia this year, according to Mistry. — Bloomberg

KUALA LUMPUR: Godrej International Ltd’s Dorab Mistry is turning slightly bullish on palm oil.

Benchmark palm oil futures may gradually rise to RM2,700 a tonne by June, the highest level since November, Mistry said at an industry conference here yesterday. He trimmed his production estimates for top growers Indonesia and Malaysia by 500,000 tonnes each to 37.5 million tonnes and 20.5 million tonnes. Crude palm oil prices in Rotterdam may rise to US$750 (RM2,928) a tonne, he said