04/10/2010 (Business Times) - Malaysia’s No.2 palm oil firm IOI Corp said today that palm oil prices are likely to hit RM3,000 (US$972.4) a tonne “very soon”.

IOI Chairman Tan Sri Lee Shin Cheng said La Nina rains and labour shortage in Malaysia would drive up prices.

Benchmark December palm oil on the Bursa Malaysia Derivatives Exchange was down 2.2 per cent at RM2,674 by 1039 Malaysian time.