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NewsEl Niño, festive demand seen pushing CPO price higher at RM2,700/ tonne — MIDF
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El Niño, festive demand seen pushing CPO price higher at RM2,700/ tonne — MIDF
by Cals Thu 05 Jun 2014, 03:13
| El Niño, festive demand seen pushing CPO price higher at RM2,700/ tonne — MIDF |
| Business & Markets 2014 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Wednesday, 04 June 2014 11:20 KUALA LUMPUR (June 4): The El Niño weather anomaly may spur a rise in the average crude palm oil (CPO) price to RM2,700 a tonne in the second half of this year, according to MIDF Research. El Niño is a warming of sea-surface temperatures in the Pacific that affects wind patterns and leads to drier-than-normal conditions in Southeast Asia and other regions. In a note today, MIDF analyst Nur Nadia Kamil said anticipation of lower oil palm production next year would exert upward pressure on CPO prices. “We expect CPO prices to rebound in the second half of this year, underpinned by the impending El-Niño. “In view of this scenario, we maintain a positive view on the plantation sector,” said Nur Nadia. Bloomberg data shows that CPO for August 2014 delivery changed hands at RM2,405 a tonne at 10.55am today. Nadia had quoted a report by the Australian Bureau of Meteorology, which indicated at least a 70% chance of an El Niño occurring in August this year. Furthermore, Nadia said CPO prices would also rebound on increased purchases from India, China and Pakistan due to the upcoming festive season. |
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