Based on the oilseed and vegetable oil online seminars attended by UOBKH last week, the research unit said the current weak CPO prices had only factored in the potential loss in biodiesel demand due to the slump in crude oil prices.
PETALING JAYA: Crude palm oil (CPO) prices, which have fallen by 30.5% year-to-date, will likely remain under pressure in the second half of 2020 on bearish fundamentals.
UOB Kay Hian Research (UOBKH) said it expected CPO prices to trade at RM1,800-RM2,200 per tonne in the second quarter on severe impact on demand, favourable climate for soybean in the US with harvesting expected in the second half-year; and as Chinese crushing activities is coming back, given the gradual easing of the African swine fever.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
