HLIB raises 2024 CPO price assumption to RM4,000 per tonne

The investment bank maintains its ‘neutral’ stance on the plantation sector.

Favourable palm oil-gas oil spread and the lagged impact of El Nino on palm production will likely encourage palm oil demand, says HLIB.

However, it maintained its ‘neutral’ stance on the plantation sector and earnings forecasts, target prices and ratings for now. This is attributed to the lower CPO output anticipation, which is likely to be seen by the end of the first half of 2024 or early second half of 2024 , it said. “Favourable palm oil-gas oil spread, if prolonged, will likely encourage palm oil demand, and the lagged impact of El Nino on palm production will also likely kick in from H2 2024 onwards,” it said in a note today.

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