Rally in palm oil 'red hot, ' analyst says

Benchmark futures could reach 2,700 ringgit a metric ton by March, Mistry, director at Godrej International, said in remarks prepared for delivery at an industry conference in Bali.

KUALA LUMPUR/ JAKARTA: The rally in palm oil prices is set to accelerate as demand for the commodity’s use in biofuel increases at a time when output is falling, according to veteran industry analyst Dorab Mistry.

Benchmark futures could reach 2,700 ringgit a metric ton by March, Mistry, director at Godrej International, said in remarks prepared for delivery at an industry conference in Bali. That would be their highest level in more than two years, and would take the gain from the July low to about 40%.