CGS-CIMB: Palm oil stocks set to continue dropping this month
“We expect the CPO price to trade in the range of RM2,000 to RM2,300 per tonne in February," CGS-CIMB Research said
PETALING JAYA: Palm oil stocks are expected to continue to decline in February after falling 6.7% month-on-month (m-o-m) in January on the back of a recovery in exports and higher consumption.
CGS-CIMB Research said it projected Malaysia’s palm oil inventory will fall 5% m-o-m to 2.85mil tonnes at end-February as exports and consumption exceed production.
Palm oil output and exports for February, it said, were expected to fall 15% and 18% m-o-m due to seasonal factors.
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