Crude Palm Oil's High Price Appears Unsustainable, Maybank Says

Dow Jones

2024/11/21

Crude palm oil's current price of MYR5,000/ton appears unsustainable, unless crude oil prices rise in tandem, Maybank analyst Ong Chee Ting says in a note. Stronger crude oil prices help support CPO by boosting demand for biofuels. Indonesia's move to increase the biodiesel mandate in January next year, alongside reduced export levies since September, present conflicting policies, he says. The country's biodiesel subsidies may run out by end-1Q 2025, due to a widening spread with gas oil and lower levy collections, he reckons. Ong expects CPO prices to fall to MYR4,000/ton by 1Q 2025 and stays neutral on the plantations sector for the next 12 months. Ong pegs SD Guthrie, Sarawak Oil Palms, Genting Plantations and Bumitama Agri as preferred buys. (yingxian.wong@wsj.com)

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Stronger crude oil prices help support CPO by boosting demand for biofuels. Indonesia's move to increase the biodiesel mandate in January next year, alongside reduced export levies since September, present conflicting policies, he says. The country's biodiesel subsidies may run out by end-1Q 2025, due to a widening spread with gas oil and lower levy collections, he reckons. Ong expects CPO prices to fall to MYR4,000/ton by 1Q 2025 and stays neutral on the plantations sector for the next 12 months. Ong pegs SD Guthrie, Sarawak Oil Palms, Genting Plantations and Bumitama Agri as preferred buys. (yingxian.wong@wsj.com)</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crude Palm Oil's High Price Appears Unsustainable, Maybank Says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrude Palm Oil's High Price Appears Unsustainable, Maybank Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-11-21 11:29</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Crude palm oil's current price of MYR5,000/ton appears unsustainable, unless crude oil prices rise in tandem, Maybank analyst Ong Chee Ting says in a note. Stronger crude oil prices help support CPO by boosting demand for biofuels. Indonesia's move to increase the biodiesel mandate in January next year, alongside reduced export levies since September, present conflicting policies, he says. The country's biodiesel subsidies may run out by end-1Q 2025, due to a widening spread with gas oil and lower levy collections, he reckons. Ong expects CPO prices to fall to MYR4,000/ton by 1Q 2025 and stays neutral on the plantations sector for the next 12 months. Ong pegs SD Guthrie, Sarawak Oil Palms, Genting Plantations and Bumitama Agri as preferred buys. (yingxian.wong@wsj.com)</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999006266.SGD","symbol_name":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2485003391","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485003391","pubTimestamp":1732159778,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0152 GMT - Crude palm oil's current price of MYR5,000/ton appears unsustainable, unless crude oil prices rise in tandem, Maybank analyst Ong Chee Ting says in a note. Stronger crude oil prices help support CPO by boosting demand for biofuels. Indonesia's move to increase the biodiesel mandate in January next year, alongside reduced export levies since September, present conflicting policies, he says. The country's biodiesel subsidies may run out by end-1Q 2025, due to a widening spread with gas oil and lower levy collections, he reckons. Ong expects CPO prices to fall to MYR4,000/ton by 1Q 2025 and stays neutral on the plantations sector for the next 12 months. Ong pegs SD Guthrie, Sarawak Oil Palms, Genting Plantations and Bumitama Agri as preferred buys. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999006266.SGD":"MANULIFE SINGAPORE EQUITY \"A\" (SGD) ACC","BK6095":"农产品","P8Z.SI":"布米达马农业","BK6509":"食品和饮料股"},"translate_title":"马来亚银行表示，毛棕榈油的高价似乎不可持续","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"P8Z.SI":0.9},"content_text":"Crude palm oil's current price of MYR5,000/ton appears unsustainable, unless crude oil prices rise in tandem, Maybank analyst Ong Chee Ting says in a note. Stronger crude oil prices help support CPO by boosting demand for biofuels. Indonesia's move to increase the biodiesel mandate in January next year, alongside reduced export levies since September, present conflicting policies, he says. The country's biodiesel subsidies may run out by end-1Q 2025, due to a widening spread with gas oil and lower levy collections, he reckons. Ong expects CPO prices to fall to MYR4,000/ton by 1Q 2025 and stays neutral on the plantations sector for the next 12 months. Ong pegs SD Guthrie, Sarawak Oil Palms, Genting Plantations and Bumitama Agri as preferred buys. (yingxian.wong@wsj.com)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}