This will continue?I don’t think so, now with recent moderate rain in several oil-palm growing regions likely to boost yields in the future. Demand on physical market both from local and foreign will slide before Idul Fitri Festival.
From latest data showed that CPO export for Malaysia down on MoM basis. Surveyor SGS (Malaysia) Bhd. estimated Aug. 1-10 exports at 395,186 tons, down 14% on month, while Intertek Agri Services put the figure at 392,185 tons, down 17% on month. The government-linked Malaysian Palm Oil Board said end-July palm inventory fell 3% to 1.41 million tons vs market expected fell down 4.2%, output rose 7% on month to 1.52 million tons vs market expected rose 2.1%. July exports rose 1.8% from the previous month to 1.47 million tons vs market expected 5.5%.
Prices may fall further amid rising production in August. Palm oil may tumble by as much as 8 percent this month as the commodity is “extremely overbought”. I think the CPO Futures may decline to a range of 2430-2570 RM level after Idul Fitri Festival. Bang Juntri
DISCLAIMER: This report is issued by Bang Juntri. Although the contents of this document may represent the personal opinion of Bang Juntri. We cannot guarantee its accuracy and completeness.
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