September 22, 2016 / 5:16 AM / 2 years ago

Sime Darby expects palm oil prices to remain firm until Q1 of 2017

PANAJI, India, Sept 22 (Reuters) - Palm oil prices are expected to remain firm until the end of the first quarter of 2017 as the El Nino weather pattern would have depleted the inventory, a senior executive of Malaysia’s Sime Darby Bhd said on Thursday.

The company’s crude palm oil production could fall by 10 percent in 2017 due to El Nino, Franki Anthony Dass, managing director of Sime Darby, told a vegetable oil conference in the western Indian state of Goa.

“Production has started recovering from the super El Nino. In the last quarter (of 2016), we will see improvement in production,” he said.

Palm oil prices are expected to trade around 2,600-2,700 ringgit ($1,290.17) per tonne in the last quarter of 2016, he said. ($1 = 4.1080 ringgit) (Reporting by Rajendra Jadhav; Editing by Malini Menon)

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