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Sunday, September 24, 2006
Palm & soy oil prices to soar The growing demand for biofuel, a renewable form of energy obtained from biomass and organic matters like farm wastes could drive the price of palm and soy oil up. With the price of crude oil soaring to record highs a month ago, countries that are more vulnerable to the fluctuating price of the crude, are now desperately looking for alternative fuel sources such as biofuel, commonly known as ‘green’ fuel. This has lead to the emergence of more biofuel plants across Europe and Asia. A senior analyst of crude prices said that a clear link has now been established between the crude prices and vegetable oil prices and he expects the soy oil prices to soar to $600 per ton, if the crude oil price stays in the range of $60 - $70 in the futures market. RBD palmolein is also expected to trade around $450 - $525 per ton, if the crude price stays in its current range. To read more click here
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