26/12/2009 (Biz Early) - Darob Mistry the director of Godrej International, India’s largest importer of vegetable oils says that outlook for Palm Oil futures in 2010 looks bullish and it may rise by 19% percent during the first quarter end of 2010(March). He further added that the prices may move to $820 to $879 per metric ton.

This year the Malaysia Derivatives Exchange has displayed the prices moving high in an unusual and rapid way to touch 49% and this is mainly due to the sudden increasing demand from India and China. Indians and Chinese are the largest oil consumers for cooking and as alternate fuel. Mr Mistry also expects the prices to move in a better pace in comparison with other vegetable oils and this will narrow the gap between soybean and palm oil prices. On further talks Mr Mistry said that that Sunflower Oil may touch $1,200 per ton mark in European countries.