PLANTERS will likely register a weaker performance, both quarter-on-quarter (QoQ) and year-on-year (YoY), in their upcoming quarterly results on the back of lower palm oil prices, said a local research house.
Hong Leong Investment Bank Bhd (HLIB Research) has maintained an ‘Overweight’ stance on the plantation sector, supported by commendable valuations and high near-term crude palm oil (CPO) prices.
KUALA LUMPUR (Nov 14): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives dropped to a two-week low on Monday (Nov 14), mainly on profit-taking after locking in over RM100 on Friday (Nov 11), said Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa.
He said the spot month (November 2022) dropped to RM3,987 a tonne, the lowest since Oct 31.
KUALA LUMPUR: Malaysia's palm oil board on Monday warned of a tough 2023 for the market for the world's most consumed edible oil, with the persistence of global uncertainties in weather, geopolitics and economics that have caused wide price swings this year.
The edible oils market has grappled with volatility triggered by recession fears, Russia's invasion of Ukraine and governments' curbing exports to protect domestic food supplies.