MARKET DEVELOPMENT
CORRECTED-Palm Prices to Average 2,300-2,400 Ringgit in Q4 - Sime Darby Exec
CORRECTED-Palm Prices to Average 2,300-2,400 Ringgit in Q4 - Sime Darby Exec
(Corrects title to show executive is managing director of Sime Darby's plantations unit)
09/10/2014 (Reuters) - Palm oil prices are expected to average 2,300-2,400 ringgit per tonne in the fourth quarter this year, according to the managing director of the plantations unit of Malaysia's Sime Darby Bhd, the world's top oil palm planter by land size.
Prices of the tropical oil should stabilise due to the strong festive demand at the end of the year, Franki Anthony Dass said on Thursday at a press conference.
Benchmark palm oil prices had slumped around 27 percent in the first eight months of the year and dropped to a more than five-year low of 1,914 ringgit ($591.47) per tonne in early September amid a global glut of edible oils.
Futures have recovered around 14 percent since then to around 2,173 ringgit now.
For 2015, prices of the tropical oil are expected to climb up to between 2,500-2,600 ringgit, the executive said.
Earlier in the day, Sime Darby said it would offer 1.073 billion pounds ($1.74 billion) to buy smaller producer New Britain Palm Oil Ltd. (1 US dollar = 3.2360 Malaysian ringgit)
09/10/2014 (Reuters) - Palm oil prices are expected to average 2,300-2,400 ringgit per tonne in the fourth quarter this year, according to the managing director of the plantations unit of Malaysia's Sime Darby Bhd, the world's top oil palm planter by land size.
Prices of the tropical oil should stabilise due to the strong festive demand at the end of the year, Franki Anthony Dass said on Thursday at a press conference.
Benchmark palm oil prices had slumped around 27 percent in the first eight months of the year and dropped to a more than five-year low of 1,914 ringgit ($591.47) per tonne in early September amid a global glut of edible oils.
Futures have recovered around 14 percent since then to around 2,173 ringgit now.
For 2015, prices of the tropical oil are expected to climb up to between 2,500-2,600 ringgit, the executive said.
Earlier in the day, Sime Darby said it would offer 1.073 billion pounds ($1.74 billion) to buy smaller producer New Britain Palm Oil Ltd. (1 US dollar = 3.2360 Malaysian ringgit)