Soft demand for CPO can lead to higher stockpile

HLIB Research and RHB Research made no changes to their CPO price assumptions of RM4,000 and RM3,900 per tonne for 2023, respectively.

PETALING JAYA: The soft demand for crude palm oil (CPO) could potentially lead to higher stockpile expectations in the near future.

Citing an independent cargo surveyor Amspec, Maybank Investment Bank (Maybank IB) Research and Hong Leong Investment Bank (HLIB) Research said Malaysia’s preliminary export estimates for CPO shipments in the first 10 days of June 2023 showed falling demand at 275,211 tonnes, or a 18% month-on-month (m-o-m) decline.