PETALING JAYA: Crude palm oil (CPO) prices may trend within the RM500 range in the near term as price expectations are finely balance by competing bearish and bullish factors, according to traders and analysts.
Over the longer term, the global economic slowdown, improvement in production with the return of foreign workers to the estates and rising costs could drag the average price of CPO to the RM3,500 to RM3,900 per tonne range for 2023 compared with an estimated average CPO of RM4,800 to RM5,200 per tonne for 2022, said plantation analysts.Given such weak fundamentals, most analysts in their latest reports are revising downwards CPO price projections for next year with a “neutral” call on the sector.
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