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Company Reports

26 September 2024

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Palm Oil Weekly (26 September 2024): CPO MYR 4,235 (+7.3% WoW)

  • In 19-26 September 2024, CPO prices jumped +7.3% WoW, averaging MYR 4,102/MT, on expectations of higher demand as supply tightens.
  • Central Asian nations are looking to increase stockpiles ahead of the upcoming festive season, while Europe is likely to seek additional supply due to shortages of alternatives, such as soybean oil.
  • Indonesian CPO consumption rose +2% YoY in 7M24 while production declined -6% YoY, translating to lower inventories. Meanwhile, Malaysian CPO inventories plummeted -20% YoY in 8M24 to 953k tons. Both countries, which account for 85% of global supply, are facing challenges as smallholders hesitate to replant due to the 4-5 year maturity period for new trees.
  • We retain our FY24 average forecast at MYR 4,100/MT (YTD: MYR 3,989/MT), with NSSS (TP IDR 265/sh) and TAPG (TP IDR 800/sh) as our top sector’s picks, supported by their relatively young plantation profiles (<10 years old), reflecting higher crop and extraction yields.

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CPO - 26 September 2024

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CPO - 26 September 2024

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