PETALING JAYA: Analysts expect crude palm oil (CPO) to stay lofty above RM4,000 per tonne in the immediate term, but the current price may have peaked for this year.
On April 3, the benchmark CPO futures contract price hit a year-to-date high of RM4,579 per tonne, which reflected the near term tightness in palm oil inventory.
Maybank Investment Bank Research (Maybank IB Research), in its latest report, said CPO prices may have peaked due to a stronger pick up in palm oil output from May and hit its seasonal peak in the third quarter 2024 (3Q24).
“This will pressure CPO price on the downside once the market anticipates supply is normalising,” it added.
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