SINGAPORE (Dec 15): CIMB is keeping its “neutral” rating on the agribusiness sector even as it cut its 2016 palm oil output estimate for Malaysia to 17.3 million tonnes, from its previous forecast of 17.9 million tonnes.
This represents a 13% y-o-y decline in palm oil supply.
At end-Nov, palm oil stocks in Malaysia rose 5% m-o-m to 1.66 million tonnes, but was 43% lower y-o-y and 5% lower than the research house’s projection of 1.75 million tonnes.
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