RTRS-Analyst Fry: Malaysian palm futures may hit $830 by yr-end

JAKARTA, May 29 - Malaysian crude palm oil futures may hit the $830 level by year end on the back of a stronger crude oil price and China's stockpiling of oilseeds, top industry analyst James Fry said on Friday.
"If you believe that energy prices will go on rising to $70 per barrel in six months' time, CPO prices will reach $830 by year end," Fry, who is chairman of London-based commodities consultancy LMC International, told a conference Jakarta.
In the worst-case scenario, the palm oil price may fall to $580 in six months' time -- down about 20 percent from the current level of around $720 -- if Brent crude prices fall back to $45 per barrel, he said.
Crude oil prices give some direction to palm oil prices as rival vegetable oils like soyoil and rapeseed oil are increasingly diverted into the biodiesel sector in Europe and the United States, leaving palm oil to satisfy much of the demand for food.