Breaking News-Palm Oil May Average 32% Lower in 2009 on Oversupply, CLSA Says

Nov. 14 (Bloomberg) -- The price of palm oil may average 32 percent lower next year, partly because of oversupply and fading demand for biofuels, CLSA Asia-Pacific Markets said.
Palm oil will probably fetch 1,000 ringgit ($278) a ton in 2009, and 1,250 ringgit in 2010, analysts at CLSA Asia-Pacific Markets in Kuala Lumpur said in a report today, slashing forecasts for the next two years by 46 percent and 32 percent, respectively.
Palm oil, down 58 percent in the past six months, yesterday closed at 1,480 ringgit in Malaysia. Malaysia is the world's second-largest producer of the edible oil.