CPO seen trading at RM3,200-RM3,700 per tonne in March

CGS-CIMB Research estimates that palm oil export fell 6% m-o-m and 18% y-o-y in February 2021 to 0.89 million tonnes due to high selling prices for CPO and tight supply in Malaysia.

KUALA LUMPUR: CGS-CIMB Research expects crude palm oil (CPO) price to trade at between RM3,200 and RM3,700 per tonne in March 2021.

This is in view of projected low inventory in Malaysia, which will take time to rebuild, and recovery for palm oil supply in the second quarter of 2021 as weather conditions normalise.