KUALA LUMPUR, March 24 (Reuters) – Malaysia’s benchmark crude palm oil futures can hold at 3,300 ringgit ($799.22) a tonne up to June, before bottoming out at 2,700 ringgit in the second half of the year, likely around September, as palm oil production recovers, leading analyst Dorab Mistry said on Wednesday.
Mistry lowered his estimates for 2021 palm oil production in Malaysia to 19.6 million tonnes and 48 million tonnes for Indonesia.
World palm oil supply will expand by 3 million tonnes in 2021, Mistry, director of Indian consumer goods company Godrej International, said at the Virtual Palm and Lauric Oils Price Outlook Conference. ($1 = 4.1290 ringgit)
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