Meanwhile, HLIB Research keeps “neutral” on palm oil sector, top picks IOI.
Maybank IB is confident that the October palm oil stockpile may continue to climb, driven by strong output trend.
“We estimated September’s price to increase by 3.7% m-o-m to RM3,945 per tonne due to the drier month, however, it appears that favourable weather has eroded the gains, and the price weakened in line with improved productivity,” it said. Meanwhile, RHB Research said crude oil prices remain elevated as geopolitical tensions rise, but this has not had a similar effect on CPO prices, likely due to the offsetting impact of the stronger US dollar.
“We maintain our RM3,900 per tonne CPO price assumption for 2023 and 2024, and continue to prefer Malaysian players versus regional players,” it said in a separate note.
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