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CPO stockpile to remain high in September, says HLIB Research

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CPO stockpile to remain high in September, says HLIB Research Empty CPO stockpile to remain high in September, says HLIB Research

Post by Cals Thu 11 Sep 2014, 22:20

CPO stockpile to remain high in September, says HLIB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 11 September 2014 08:54

KUALA LUMPUR (Sept 11): Hong Leong IB Research has maintained its Underweight rating on the plantation sector and said inventory increased by 21.9% month-on-month (m-o-m) to 2.05 million tonnes in Aug-14 (higher than consensus median estimate of 1.95m tonnes), mainly on a 22% mom rise in production.
In a note Thursday, the research house said exports declined marginally by 0.4% m-o-m to 1.44 million tonnes, dragged mainly by a 19.3% m-o-m decline in exports to China (partly offset by a 73% m-o-m increase in exports to Pakistan).
“We believe stockpile in Sep will likely remain high mainly on the back of: (1) high production season; and (2) narrow CPO price discount against the soybean oil.
“Maintain our average CPO price projection of RM2,400/tonne and RM2,300/tonne for 2014 and 2015 respectively.
“Maintain Underweight stance on the sector,” it said.
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