Weaker growth in Southeast Asian palm oil production and normal demand expansion will set the stage for a bull market next year, leading industry analyst Dorab Mistry said on Friday.
“For the next one year it will be a tug of war between bullish fundamentals and a somewhat uncertain macro economic situation. I am backing the tight fundamentals to prevail,” he told the Indonesian Palm Oil Conference and Price Outlook in Bali island.
Palm oil edges up
In Singapore, Malaysian palm oil futures gained on Friday, reversing earlier losses.
Benchmark February palm oil futures on the Bursa Malaysia Derivatives Exchange inched up 0.1 per cent to close at 3,062 Malaysian ringgit ($980) per ton.