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Malaysian Palm Oil Board data showed November palm oil stockpiles hit a record 3.0 million tonnes, up 10% month on month, as exports fell faster than production. Early December export estimates from cargo surveyors show a further decline.
Maybank Kim Eng says the low spot price already reflects the high stocks and expects a seasonal recovery in the first quarter of 2019.
A record stockpile signals bearish near-term supply pressure, though a possible seasonal price bottom suggests limited downside from current levels for palm oil buyers.
research.sginvestors.ioSGinvestors10 dic 2018Tras 96 eventos bajista de informe pasados, Aceite de palma se movió una mediana de -0,1 % en 5 sesiones (48% al alza; mitad central entre -1,3 % y +1,6 %), y -0,9 % 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.
