Photo on Unsplash by Tommy Cox.
Malaysia’s palm oil inventories in May topped market expectation of 2.4m mt, as buyers switched to discounted Indonesian palm oil, which was about RM670/mt cheaper than Malaysia’s CPO prices. Meanwhile, the European weather agency has confirmed that El Niño conditions are developing.
Maintain our Overweight call on the sector with a full-year CPO price forecast of RM4,400/mt. “We expect CPO prices to trade higher in the 2H in anticipation of the El Nino development, which could be the strongest on record. Our top picks are Sarawak Plantation and Ta Ann,” says analysts at PIB.
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