PALM NEWS MALAYSIAN PALM OIL BOARD Saturday, 21 Sep 2024

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MARKET DEVELOPMENT
CPO may rally to RM2,000 mark sooner than expected
calendar15-01-2004 | linkBusiness Times | Share This Post:

January 13 2004 - POOR harvest of rival edible oils is expected toexpedite crude palm oil (CPO) price’s attempt to test the RM2,000 a tonnelevel this year.

Traders said after languishing at the RM1,800 a tonne level for the pasttwo months, spot CPO prices are likely to hit the level sooner than by theend of the first quarter.

However, at the Malaysia Derivatives Exchange Bhd, palm oil futures forMarch, April and May closed lower at RM1,684 a tonne, RM1,665 and RM1,648respectively. A total of 5,385 lots were traded while open interest was at21,018 contracts.

The general sentiment right now is optimism. The market is excited over2004 in view of many developments both in and outside of the country.

These include the positive political developments in Malaysia, peace talksbetween top CPO buyers India and Pakistan, poor soyabean harvest, agrowing CPO market such as Iran and North Africa and the weakening of theUS dollar which makes Malaysia’s exports cheaper.

Meanwhile, UBS Investment Research said at a price of RM1,800 a tonne, oilpalm growers are getting profit margins in excess of 100 per cent which ispositive for rural income and consumption.

Current high palm oil prices are supporting rural income and consumption,it said in a research note giving the sector a neutral recommendation fromunderweight previously.

It added that the deferment of the listing of Federal Land DevelopmentAuthority and the continuing strong palm oil prices helped partly by theUS dollar weakness may result in plantation stocks remaining firm a bitlonger.

We believe the weakening US dollar and ringgit should help Malaysianexporters including plantation companies such as IOI Corp Bhd, KualaLumpur Kepong Bhd, Golden Hope Plantations Bhd and Kumpulan Guthrie Bhd.

UBS said from being the worst performing sector in the third quarter of2003, plantations turned in the best performance in the last quarter of2003.

This is due to the CPO unexpectedly firming to RM1,800 a tonne currentlyversus RM1,470 a tonne last September, UBS said.

Avenue Securities Sdn Bhd gives the sector an overweight recommendationdue to strong CPO prices and possible earnings surprises due to uncertainsoyabean production.

At the close yesterday, both IOI Corp and IOI Oleochemical Industries Bhdclosed unchanged at RM8.00 and RM8.70 respectively, while PPB Oil PalmsBhd eased 2 sen lower to close at RM3.30 with 599,500 shares changinghands.

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