SINGAPORE (Mar 5): CIMB is maintaining its “neutral” call on the agribusiness sector while maintaining its average crude palm oil (CPO) price forecast of RM2,700 per tonne ($913.33) for 2018.
This comes after news of India’s move to raise the import duties for CPO and refined palm oil to 44% and 55%, respectively, which the research house deems positive for oil seed farmers in India as the higher import duties could boost oilseed prices in India.
As such, the research house’s top picks are First Resources and Wilmar International, both rated “add” at target prices of $2.03 and $4.10 respectively.
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