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IOI Corp's chairman Lee Shin Cheng said CPO prices are strong at RM2,750-2,800 per tonne and could reach RM3,300 if La Nina develops. Seven of eight climate models surveyed expect sea surface temperatures to reach La Nina thresholds by November, and MIDF Research sees RM3,500 possible in a strong La Nina.
La Nina typically brings heavy rain that can flood plantations and disrupt harvests in Malaysia and Indonesia, which would tighten palm oil supply and support prices.
ioigroup.comOct 31, 2017After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% over 20.
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.
