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Fitch Ratings took negative rating actions on palm oil producers in Malaysia and Indonesia, downgrading one and revising outlooks to negative on others, including Sime Darby Plantation. Fitch trimmed its Malaysian crude palm oil price forecasts to US$520 per tonne for 2020 and US$560 for 2021.
It cited weaker biodiesel blending and edible oil demand.
The lower CPO price assumptions signal a weaker demand outlook for palm oil through 2021, reinforcing bearish price expectations.
nst.com.myNST BusinessMay 7, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
