Palm | Kelapa Sawit

KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures KPOc3 are unlikely to fall below 3,000 ringgit ($995.52) per tonne due to higher exports although the debt crisis in Europe and other parts of the world may affect some purchases, an industry official said on Monday.

The forecast by Faudzy Asrafudeen, director of marketing development for the Malaysian Palm Oil Council, comes as third-month palm oil dropped to an October 2010 low of 3,015 ringgit after the United States got its top notch credit rating cut.

But Faudzy said there could be another price rally as palm oil's discount to competing soyoil has widened in time for the Asian festival season.

Crude palm oil is trading at a $210 discount against soyoil, potentially attracting more orders with a string of holidays including the mid-Autumn festival in China and India's Diwali celebration due from September onwards.