Sime Darby says spot palm oil to hold above 2,500 rgt/T next 6 mths

KUALA LUMPUR: Crude palm oil prices will hover above 2,500 ringgit ($584) per tonne for the next six months, Sime Darby Bhd group chief executive said on Wednesday.

Spot palm prices are currently at 2,700 ringgit per tonne, and they will see support at 2,500 ringgit for the next few months, Mohd Bakke Salleh told reporters after Sime Darby reported higher third-quarter profit.

"For next month, we think the range is 2,600 to 2,800 ringgit per tonne of crude palm oil. We do not think price will drop below 2,500 ringgit, at least for the next six months."