Malaysia's IOI Corp (IOIB.KL), the world's third-largest listed palm oil producer, said that the price of crude palm oil would rise to 2,600-2,800 ringgit per tonne in the remainder of the year.
Malaysian crude palm oil futures hit a 7-month high on Friday as a slew of industry data warned of tightening domestic inventories, with the benchmark June contract KPOc3 on the Bursa Malaysia Derivatives Exchange closing at 2,299 ringgit ($636.3) per tonne.
"Six months ago I foresaw prices would likely surpass 2,000 ringgit a tonne," IOI's Executive Chairman Lee Shin Cheng told Monday's Business Times newspaper.
IOI shares have rallied along with other planters as palm oil prices have recovered. The stock closed at 4.30 ringgit on Friday, up from an Oct. 28 12-month low of 2.08 ringgit.
Something2Share:
Very good news to the planters. We hope Tan Sri Lee's prediction is absolutely correct, and then the plantation companies can be "laughing to the banks" again.
Tuesday, 14 April 2009
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