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CGS-CIMB expects crude palm oil prices to stay under pressure in the RM4,000 to RM5,000 per tonne range. Spot CPO has fallen 30% to RM4,698 since Indonesia lifted its export ban on May 23, with most of the drop after the switch to the Domestic Market Obligation system.
Heavy Indonesian export permits, with 2.44 million tonnes issued through early July, add supply while slower global growth limits demand. Buyers should expect palm oil to remain weak in the near term.
malaymail.com6 jul 2022Tras 158 eventos bajista de comercio pasados, Aceite de palma se movió una mediana de +0,0 % en 5 sesiones (51% al alza; mitad central entre -1,3 % y +0,8 %), y -1,4 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Analysis attributes the roughly 30% slide since the export ban lifted to higher Indonesian exports under the DMO system and slower global growth, confirming the supply-driven bearish trend.
Analyst view that higher Indonesian exports and slower global growth keep prices under pressure explains the downside.
