0245 GMT [Dow Jones] Rabobank predicts that BMD CPO will average
MYR2,800/ton in the first quarter of 2012 compared with its forecast of
MYR3,000/ton for this quarter, citing increasing production. 2011-12 global palm
oil production will likely surpass the 50 million-ton mark for the first time,
allowing prices to ease, the agricultural lender says. Still, declining
availability of competing soyoil and rapeseed oil as well as strong demand for
palm oil from China and India could trigger a rebound to MYR3,000/ton by 3Q
2012, it adds. Benchmark February CPO is trading MYR14 lower at MYR3,108/ton,
toward the upper end of the MYR2,750-MYR3,270/ton range seen so far this
quarter.
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