CIMB Research increased its forecast for palm oil prices to $760 per tonne in 2007 and $810 in 2008. This represents a 60% price increase in 2007 and 8.5% in 2008. They pointed to increased biofuels and food-related demand, and bad weather, were responsible for the increases.
The company indicated that B2 mandates going into effect in Brazil and Italy in January 2008 would continue to increase demand for crude palm oil.
Last week, a report by TransGraph projected that palm oil futures in Malaysia would fall as much as 4.7 percent by the end of October due to increased production in India. Price points were $723 per metric ton.
Indonesia and Malaysia produce 85% of the world’s palm oil, and are expected to increase production to 35.2 million metric tons in 2008, versus 32.4 million tons in 2007.
In Malaysia, crude palm oil futures reached an all-time record as palm oil tracked the increases in crude oil prices. The Bursa Malaysia Derivatives Exchange January contract closed as $829.43 a tonne...
With US markets affected by the Columbus Day holiday, stocks are expected to open flat after light trading in futures produced no major price movements. Major indices were down less than 0.1 percent i...
In Malaysia, a report by TransGraph projected that palm oil futures in Malaysia could fall as much as 4.7 percent by the end of October due to increased production in India. Price points were $723 per...
In Singapore, the 50 percent drop in global palm oil prices to $667 per tonne will spur biodiesel production in South East Asia, according to industry leaders at LMC International and Godrej. CPO hit ...
In Indonesia, the chairman of the Indonesian Palm Oil Association said that the credit crisis would have only a limited impact on palm oil prices, and predicted that increased demand from biofuels wou...
In Malaysia, crude palm oil futures reached a record $876 per ton, tracking the increase in oil prices to more than $96 per barrel.
The Malaysian government delayed implementation of the Malaysian ...
