Crude Palm Oil's Rise May Run Out of Steam Around 2Q -- Market Talk

Dow Jones03-12

0147 GMT - Crude palm-oil prices have been rising, but may reverse course around 2Q amid expectations of likely higher output, unless an unexpected decline in South American harvests weighs on oilseed supplies, Maybank IB analyst Ong Chee Ting says. He reckons the CPO price rally appears capped by comparatively low prices of rival oils, and is likely to stay supported at current levels of MYR4,000/ton until end-March or early-April. Currently, palm-oil production is at a low point in its cycle, and demand may stay strong during the Ramadan period, he adds in a note. Maybank stays neutral on Southeast Asia's plantations sector. It has buy calls on Bumitama Agri and Sarawak Oil Palms. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

March 11, 2024 21:48 ET (01:48 GMT)

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Currently, palm-oil production is at a low point in its cycle, and demand may stay strong during the Ramadan period, he adds in a note. Maybank stays neutral on Southeast Asia's plantations sector. It has buy calls on Bumitama Agri and Sarawak Oil Palms. 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