Hong Leong Investment Bank: Malaysia's palm oil inventories expected to remain stable in May, prices to decline after peaking in Q2

汇通财经2026/05/12 04:46

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Hong Leong Investment Bank analyst Chye Wen Fei stated that Malaysia's palm oil inventory levels in May are expected to remain stable, as a potential rebound in exports may be offset by continued seasonally high production.
She expects crude palm oil prices to remain at a high level of 4,500 to 4,600 ringgit per ton in the second quarter, before declining from the third quarter onwards.
Chye maintains an "overweight" rating on Malaysia's plantation sector, supported by the strong recent performance of crude palm oil prices driven by high crude oil prices.
However, she warns that the current upward cycle could peak earlier than expected, and should the supply of other vegetable oils increase and become more competitive, this commodity will face mid-term risks.
Hong Leong Investment Bank prefers pure upstream planters who have already locked in fertilizer costs for this year, naming Johor Plantations and SD Guthrie as top picks.

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Hong Leong Investment Bank: Malaysia's palm oil inventories expected to remain stable in May, prices to decline after peaking in Q2

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