Breaking News-RTRS-Malaysia palm oil price may hit 3,000 ringgit in Q1-Mistry

NUSA DUA, Indonesia, Dec 4 (Reuters) - Malaysian palm oil prices may rise up to 21 percent by the first quarter of 2010 from their current levels on strong demand and as hotter weather hits yields, a top industry analyst said on Friday.
Dorab Mistry, head of vegetable oils trading at Godrej International, raised his forecast for the first three months to 2,800-3,000 ringgit ($830.36-$889.67) a tonne from an earlier estimate of 2,400 ringgit.
"I expect palm oil prices to rise at the fastest pace in relation to all other vegetable oils," Mistry told the Indonesian Palm Oil Conference and Price Outlook 2010 meeting in Bali.