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16 August 2024

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Palm Oil Weekly (16 August 2024): CPO MYR 3,872/MT (+1.81% WoW)

Between 12-16 August 2024, CPO prices rose +1.81% WoW, averaging MYR 3,818/MT, mainly due to stronger demand from India and lower supply from Malaysia.

Demand from India has been increasing due to celebration of several religious festivals between September and November including Diwali.

Data from MPOB showed that CPO inventories in Malaysia fell -5.4% MoM to a four-month low of 1.73 million tons in July.

In term of CPO price, we retain our FY24 average forecast at MYR 4,100/MT (YTD: MYR 3,996/MT) with NSSS (TP IDR 265/sh) and TAPG (TP IDR 800/sh) as our top sector’s picks, supported by relatively young plantation profiles (<10 years old), which should translate to higher crop and extraction yields.

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CPO - 16 August 2024

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CPO - 16 August 2024

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