Malaysia's average palm oil prices to be down 18 percent

Palm oil prices will be down an average 18.2 percent this year at 2,420 ringgit ($781) per tonne, pressured by high stock levels, according to a Reuters poll of 10 traders, analysts and government officials at an industry forum. Indonesia, the world's top palm oil producer, does not publish official data on inventory levels but it was estimated at 5 million tonnes in January, while No 2 producer Malaysia started 2013 with record stocks of 2.63 million.
Respondents were divided on how fast stocks will come down. Their estimates of this year's average prices ranged from 2,200 ringgit to 2,750 ringgit. Prices averaged 2,958 ringgit last year. A Reuters poll of 28 analysts in January had showed a median 2013 price estimate of 2,800 ringgit per tonne.