Palm oil\, soy oil prices seen rising by $50-$100 per tonne in next 9 months: analyst Mielke

Palm oil, soy oil prices seen rising by $50-$100 per tonne in next 9 months: analyst Mielke

Reuters  |  NUSA DUA, Indonesia 

NUSA DUA, (Reuters) - Prices for and are seen rising by $50 to $100 per tonne in the next nine months as palm stockpiles dwindle, said on Friday.

Speaking at a palm conference in Indonesia, Mielke said global stocks would peak in November or December this year, before starting to fall in 2019 as growth in output slows.

Mielke reiterated that he estimated Malaysian prices would trade between 2,200 ringgit ($528) and 2,600 ringgit per tonne in the first-half of 2019.

Sino-U.S. trade tensions will also push up demand for palm, sapping stockpiles, he said.

Meanwhile, Malaysian production will hit 20.2 million tonnes next year, up from an estimated 19.6 million tonnes in 2018, Mielke said.

He estimated Indonesia's 2019 output at 41.5 million tonnes in 2019, rising from the 39.8 million tonnes expected this year.

($1 = 4.1650 ringgit)

(Reporting by Fransiska Nangoy, Bernadette Christina Munthe; Editing by Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 02 2018. 12:49 IST