The anticipation of tight supply of palm oil will continue to support crude palm oil prices of up to RM2,800 a tonne this month, say analysts.“We expect CPO prices to trade in the range of RM2,400-RM2,800 per tonne in August due to the current tight stock situations and at an average of RM2,300 per tonne for 2020,” CGS-CIMB Securities said.
Against this backdrop, CGS-CIMB expects demand for palm oil for food consumption to improve ahead of the celebration of the mid-autumn festival on Oct 1. Meanwhile, Kenanga Research forecast CPO production will decline 1.4% month on month in August to 1.78 million tonnes as trees continue to take a breather.
Kenanga Research pointed out that data from cargo surveyors for Aug 1-10 have shown an average decline in exports of 5.5% month on month.
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