KUALA LUMPUR, Nov. 11 (Xinhua) -- Malaysian research house CGS-CIMB on Friday cuts its average crude palm oil (CPO) price forecast for 2022 to 5,122 ringgit (1,107 U.S. dollars) per tonne from 5,600 ringgit (1,211 dollars) per tonne.
The research house said in a statement, the cut is to reflect the sharper-than-expected fall in CPO price in the third quarter when Indonesia aggressively boosted exports to clear palm oil stocks and concerns over slower global growth.
"Our revised price assumes CPO price averaging 4,000 ringgit (865 dollars) per tonne in November to December," it said.
The research house, however, maintained the 2023 average CPO price forecast at 3,800 ringgit (822 dollars) per tonne.
CGS-CIMB also projected palm oil stocks rising 2.6 percent month on month to potentially peak at 2.46 million tonnes by end-November.
Malaysian palm oil stocks climbed 3.8 percent month on month to 2.4 million tonnes in end-October, 3 percent to 5 percent below its and consensus forecasts.
"We predict Malaysian palm oil stocks could peak in November and trend lower in December," it said. ■