It has been a topsy-turvy 2020 for palm oil stocks. What started out as a relatively promising year for crude palm oil (CPO) prices in December 2019 and January on the back of weaker 4Q2019 output and commencement of Indonesia’s B30 biodiesel mandate — a blend of 30% palm oil in regular diesel fuel — quickly turned into a nightmare following the Covid-19 pandemic. CGS-CIMB Research head Ivy Ng noted that palm oil prices fell from over RM,3000/tonne ($984.02/tonne) to below RM2,000/tonne in March, which triggered a correction of palm oil stocks — including those listed in Singapore. 

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