Palm oil may surge as much as 22 per cent in the first half as drier-than-usual weather curbs output in Malaysia and yields in Indonesia, the world’s two largest producers, according to Prudential Bache Commodities LLC.
The El Nino weather phenomenon may drive prices to as much as RM3,300 (US$988) a metric ton, said Anne Frick, vice president for research at the New York-based commodities and financial derivatives broker. Malaysian output may not meet demand for local use and exports, Frick said in an interview. Read more
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