PETALING JAYA: The target price for crude palm oil (CPO) has been revised upward to RM2,500 per tonne for this year and RM2,600 per tonne for next year, according to Kenanga Investment Bank Research, an increase of RM200 in both cases.
The research house also expects 2020 to be a better year for planters given the stronger-than-expected production growth in the second half of the year.
“We continue to believe that there is an upside risk to the Malaysian Palm Oil Board’s (MPOB) production estimate at 19 million tonnes in 2020, ” Kenanga Research said in a recent report.
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