Cheaper cooking oil on the cards, but not just yet

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Palm oil prices are expected to come down in a month or so, bringing down the prices of cooking oil, says an analyst.PETALING JAYA: Lower cooking oil prices are on the cards now that palm oil futures have dropped substantially over the past week, says a palm oil analyst.However, Singapore-based Sathia Varqa of Palm Oil Analytics said it could take over a month for the lower prices to take effect.Yesterday, it was reported Malaysian palm oil futures are on track for their biggest drop in more than 16 months after they fell nearly 10%.Sathia said lower prices of soybean and sunflower oil, the main competitors of palm oil, contributed to the drop in palm oil futures, a scenario which is likely to continue for several months with both the United States and Ukraine increasing the acreage of planting for soy and sunflowers respectively.He said the main driver for cooking oil prices …