Research & Stock Picks

Company Reports

13 December 2024

By

Palm Oil Weekly (6 – 12 December 2024): Avg. CPO MYR 5,096 (-1.9% WoW)

  • In the last five trading days, CPO prices fell -1.9% WoW, averaging MYR 5,096/ MT, driven by higher-than-expected CPO inventory in Malaysia and shifting demand from India, the world’s largest palm oil importer.
  • Inventory build-up from Malaysia was higher than expected, mainly due to sharp imports from Indonesia. Reserves only declined -2.6% MoM to 1.84mn tons in November, higher than Bloomberg’s median estimate of 1.80mn tons. Furthermore, exports from Malaysia dropped almost 15%, while imports spiked 35%.
  • For CPO, USD 782/ton discount to soybean oil in Nov-22 has reversed to a premium since September 2024 and diminished demand from India. This CPO premium in Nov-24 caused India’s crude sunflower oil imports to surge +88% YoY to 3.4 lakh tons, and its soybean oil imports to soar +172% YoY to 408k tons.
  • At this stage, we retain our FY24 average CPO forecast at MYR 4,100/MT (YTD: MYR 4,165/MT) and MYR 4,200/MT in 2025F on B40 support and the resilient nature of CPO which is used for cooking. In term of stocks, NSSS (TP IDR 350/sh) and TAPG (TP IDR 1,050/sh) are our top picks, supported by relatively young plantation profiles (<10 years old), reflecting higher crop and extraction yields.

Share This:

sawit

Download PDF

Download PDF

CPO - 6 - 12 December 2024

Download PDF

CPO - 6 - 12 December 2024

More Related

peluang aces ditengah gejolak ekonomi

Company Reports

Dec 20, 2024

Technical Stock Analysis

Dec 20, 2024

Morning Briefs

Dec 20, 2024

Economic Reports

Dec 20, 2024

Economic Reports

Dec 19, 2024

Morning Briefs

Dec 19, 2024

Technical Stock Analysis

Dec 19, 2024

Economic Reports

Dec 19, 2024

Economic Reports

Dec 18, 2024

Morning Briefs

Dec 18, 2024

Technical Stock Analysis

Dec 18, 2024

Economic Reports

Dec 17, 2024

Technical Stock Analysis

Dec 17, 2024

Economic Reports

Dec 16, 2024

Economic Reports

Dec 16, 2024

Morning Briefs

Dec 16, 2024

Technical Stock Analysis

Dec 16, 2024

Morning Briefs

Dec 13, 2024

Technical Stock Analysis

Dec 13, 2024

Economic Reports

Dec 13, 2024

Technical Stock Analysis

Dec 12, 2024

Morning Briefs

Dec 12, 2024

Morning Briefs

Dec 11, 2024

Technical Stock Analysis

Dec 11, 2024

Economic Reports

Dec 10, 2024

Technical Stock Analysis

Dec 10, 2024

Economic Reports

Dec 10, 2024

Morning Briefs

Dec 9, 2024

Technical Stock Analysis

Dec 9, 2024

Tantangan Batu Bara di Akhir 2024

Company Reports

Dec 6, 2024

tekan harga tembaga

Company Reports

Dec 6, 2024

pertumbuhan solid oil n gas

Company Reports

Dec 6, 2024

Company Reports

Dec 6, 2024

Technical Stock Analysis

Dec 6, 2024

Economic Reports

Dec 6, 2024

Morning Briefs

Dec 5, 2024

Technical Stock Analysis

Dec 5, 2024

Economic Reports

Dec 5, 2024

tren harga CPO

Company Reports

Dec 4, 2024

Morning Briefs

Dec 4, 2024

Technical Stock Analysis

Dec 4, 2024

Economic Reports

Dec 3, 2024

Technical Stock Analysis

Dec 3, 2024

Company Reports

Dec 2, 2024

Company Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Morning Briefs

Dec 2, 2024

Technical Stock Analysis

Dec 2, 2024

Morning Briefs

Nov 29, 2024

Technical Stock Analysis

Nov 29, 2024

Economic Reports

Nov 28, 2024

Company Reports

Nov 28, 2024

Technical Stock Analysis

Nov 28, 2024

Morning Briefs

Nov 28, 2024

Company Reports

Nov 26, 2024

Technical Stock Analysis

Nov 26, 2024

Company Reports

Nov 26, 2024

Economic Reports

Nov 25, 2024

Economic Reports

Nov 25, 2024

Technical Stock Analysis

Nov 25, 2024

Morning Briefs

Nov 25, 2024

Company Reports

Nov 22, 2024