By Luzi Ann Javier and Ranjeetha Pakiam - Oct 2, 2012 4:42 AM PT
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Palm oil had its biggest daily plunge since October 2008 and fell to the lowest level in almost three years on concern slowing demand will cut shipments from the biggest producers, swelling a glut as output expands.
The December-delivery contract lost 8.5 percent to 2,255 ringgit ($739) a metric ton, the lowest close for the most- active month on the Malaysia Derivatives Exchange since November 2009. Futures have plunged 25 percent in five weeks.
Stockpiles in Malaysia will expand in October, November and December and may reach a record 3 million tons by January, Dorab Mistry, director at Godrej International Ltd., said Sept. 23. Production peaks between July and October. Industry estimates for the southern region of Peninsular Malaysia showed output grew more than 26 percent in September, said Paramalingam Supramaniam, a director at Pelindung
http://www.bloomberg.com/news/2012-10-02/palm-oil-set-for-biggest-five-day-loss-since-2009-on-global-glut.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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