Are days of ‘super-high’ CPO prices gone?

Recession fears, Indonesian supply weigh on sector

Fears of a recession, Indonesia’s U-turn on its palm oil export ban and the expected easing of the foreign worker shortage in local plantations have contributed to the normalisation in CPO prices. “However, we predict earnings could rebound strongly in the third quarter of 2022 versus 2Q22 as inventory clears and the export sales volume normalises.”The brokerage had forecast CPO prices to average around RM5,000 per tonne in 2H22 as compared with RM6,391 per tonne achieved in the first five months of this year.

Speaking with StarBiz, the outgoing chief executive officer of the Malaysian Palm Oil Association said the declining CPO prices were due to Indonesia releasing its palm oil stock that was built up during the short-lived export ban.Mohd Nageeb pointed out that there remains a shortage of edible oils globally, including CPO.

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