Analysts maintain CPO prices forecast despite Malaysia's output hits 6-month high-Xinhua

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          Analysts maintain CPO prices forecast despite Malaysia's output hits 6-month high
           
          Source: Xinhua|
                    2025-05-15 00:04:45|Editor: huaxia
           
            
           
           
           
             KUALA LUMPUR, May 14 (Xinhua) -- Analysts have on Wednesday maintained crude palm oil (CPO) prices despite Malaysia's output hitting a six-month high.
             Maybank Investment Bank said in a note that it maintained its 4,000 ringgit (932 U.S. dollars) per ton CPO average selling price forecast for 2025, as it opined that the current CPO spot price is likely to stay till late quarter 3 amid seasonal pick-up in output.
             According to the research house, Malaysia's higher-than-expected April stockpile of 1.87 million tons was primarily due to a seasonal but sharp pick-up in April production.
             Meanwhile, Hong Leong Investment Bank Research has maintained its 2025-2026 CPO price assumptions of 4,000 ringgit per ton and 3,800 ringgit per ton.
             According to the research house, continued output recovery, particularly from Indonesia, will continue to cap palm oil prices over the near to medium term.
             It also noted that the uptrend in palm oil stock level will likely persist in the near term, driven by several factors.
             These include a seasonally higher cropping pattern, subdued festive-driven demand, and weak crude oil prices, which imply lower discretionary biodiesel blending activities.
             Additionally, the conflict between India and Pakistan, two of the major importers of palm oil, could dampen demand from these markets if tension re-escalates.
             MIDF Research, on the other hand, said that it maintained an average CPO price target of 4,300 ringgit per ton for 2025.
             "CPO prices are expected to remain relatively sticky, production is likely to underperform, leading to a ceteris paribus performance for 2025," said the research house.
             According to MIDF, local CPO production is projected to reach 19.5 million tons in 2025, with the bulk of the recovery anticipated to materialize in the second half, driven by an improved set of crops and estate efficiencies.
             Moving forward, it also forecasts the average local CPO delivery prices to stabilize, hovering around 1.5 percent month-on-month to approximately 4,383 ringgit in May, pressured by a recovery in output as production begins to normalize, potentially leading to an increase in closing stock levels. (1 ringgit equals 0.23 U.S. dollars)  ■
           
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