Godrej International sees palm futures rising to 2,700 ringgit by June

In an alternative bullish scenario, oil palms could suffer tree stress as haze returns to Southeast Asia this year, leaving Malaysian output unchanged in 2018

Godrej International's Dorab Mistry is turning slightly bullish on palm oil.

Benchmark palm oil futures may gradually rise to 2,700 ringgit ($690) a tonne by June, the highest level since November, Mistry said at an industry conference in Kuala Lumpur on Tuesday. 

He trimmed his production estimates for top growers Indonesia and Malaysia by 500,000 tonnes each to 37.5 million tonnes and 20.5 million tonnes, respectively. Crude palm oil prices in Rotterdam may rise to $750 a tonne, he said

Palm oil climbed 2.7 per cent in February to close the month at 2,559 ringgit a tonne as a drought in Argentina sent soybean