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Thursday, March 11, 2010

Palm Oil In Play

Wind is at Commoditie' Back. The commodities such as indoagri(+6.9%), goldenagri(+6.2%), first resources(+6.2%) yesterday ran up a lot. What triggering is because of this piece of news:

Palm oil may surge this year as drier-than-usual weather caused by El Nino curbs yields in the biggest producers, according to forecasts from Godrej International Ltd. and Prudential Bache Commodities LLC.

El Nino may drive prices as much as 22 percent higher than yesterday's close to 3,300 ringgit ($988) a metric ton in the first half, Anne Frick, vice president for research at New York- based commodities broker Prudential Bache Commodities LLC said in an interview. The commodity may touch 3,200 ringgit in the second half, Godrej Director Dorab Mistry told a conference in Kuala Lumpur today.

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