Country Daily

报告摘要

We raise our 2027 CPO price forecast to RM4,700/tonne from RM4,400 and keep the 2026 estimate at RM4,500. Our fundamentals model shows combined Malaysian and Indonesian ending stocks shrinking to 2.67m tonnes in 2027 from 5.76m in 2026 on B50 biodiesel absorption and an El Niño crop loss already guaranteed by rainfall. Maintain OVERWEIGHT; top picks: SD Guthrie and KL Kepong.