Palm Oil Prices May Rise Past MYR4,000/ton in 2024 -- Market Talk

Dow Jones2023-10-05

0647 GMT - Crude palm oil prices may rise to MYR4,000-MYR4,500/ton after El Nino effects begin to affect palm oil output in 2H 2024 due to drought, RHB IB analysts Hoe Lee Leng and Syahril Hanafiah say in a note. The Bursa Malaysia Derivatives contract for December delivery was recently at MYR3,666/ton. Following confirmation of the El Nino phenomenon and continued geopolitical concerns relating to the Russian-Ukraine war and the Black Sea grain corridor, RHB analysts think investors could adopt a "tactically positive trading strategy" on Southeast Asia's plantation sector. RHB maintains a neutral rating on the sector and pegs IOI, TA Ann, Sarawak Oil Palms and Golden Agri-Resources as top picks. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

October 05, 2023 02:47 ET (06:47 GMT)

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