KUALA LUMPUR, May 31 (Reuters) - 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.”
$1 = 4.2810 ringgit Reporting by Emily Chow and Liz Lee; Editing by Tom Hogue