10/08/2011 (Bloomberg) - Sandeep Bajoria, chief executive officer of Sunvin Group, comments on the outlook for palm oil after prices dropped to a nine-month low today.

Palm oil for October delivery lost as much as 2.5 percent to 2,920 ringgit ($959) per metric ton on the Malaysia Derivatives Exchange, the lowest level since Oct. 20. Futures fell as the global rout in equities and crude oil deepened on concern that the U.S. credit-rating downgrade will exacerbate a slowing global economy.

Bajoria, who’s been trading vegetable oils for 30 years, spoke in a phone interview from Mumbai.

On outlook for prices:

“Right now, there is a downward pressure on palm oil. In the next 60 days, prices will range from 2,800 ringgit to 3,000 ringgit a ton.

‘‘Prices will depend on whether the global meltdown persists and liquidity gets tight. If liquidity gets tight, we will see a further fall of 200 ringgit.’’

On Indian imports:

‘‘We will be importing a good quantity of palm oil, of at least 700,000 tons a month. The total for August to October will be 2 million tons.

‘‘For the oil year ending Oct. 31, the total palm oil imports will be 6.7 million tons.’’