Singapore Stock Market News
Plantations - Stocks getting tighter but....
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Publish date: Thu, 11 Jul 2013, 10:49 AM
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| ASEAN | Sector Flash Note |
Malaysia's palm oil stocks decline 9% mom to reach a 27-month low of
1.65m tonnes at end-June. This is 4% below our forecast and 5% below
consensus. The tighter stock situation has not raised CPO price much
due to concerns about rising stocks in the coming months.
 |
| Negative correlation between CPO price and stocks |
We expect palm oil stocks to increase
in July due to higher production and
weaker exports. Furthermore, weak
palm oil export data in the first 10
days of July and the expectation of
higher soybean supplies from the US
are dampening factors for the bullish
stock figure. Our average CPO price
forecasts of RM2,530 in 2013 and
RM2,700 in 2014, and Neutral sector
call remain unchanged. First
Resources, Wilmar and IOI Corp are
our top picks.
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