Russia ended the Ukraine grain-export deal nearly a year into the agreement, heightening uncertainty over global food supplies and escalating tensions in the region.
The pact, previously extended in May, will cease to be effective as of Tuesday, the foreign ministry in Moscow said in a statement. Russia had repeatedly threatened to leave the deal, which had marked a rare example of cooperation during its war in Ukraine. The corridor’s shutdown will hit key buyers like China, Spain and Egypt.
“Unfortunately, the part concerning Russia in this Black Sea agreement has not been fulfilled so far,” Kremlin spokesman Dmitry Peskov said, according to Russian news agency Tass. “Therefore, it is terminated.”
It's all foreign institution buying palm oil shares while local institutions keep selling. Why? Cause local funds like to bet against retail investors so they keep selling retail favourites which are palm oil, tech and some glove shares. But this time is different
I could be wrong, but after hitting a recent high of 4134 on 24 July, FCPO is trading at 3776 today, lower than 7 July low of 3834. That's normally not the common sign of FCPO wants to make higher highs than 4134 yet. More likely to keep drifting downwards. Still the future is uncertain. I took some profits of TAANN to lower my average buy cost further to 2.8. Can always buy back when price is lower than 3.69 later.
Don't look at CPO price to trade palm oil stocks. CPO price has no correlation to the stock price itself, although it does have an impact on profits. By the time CPO price moved, it is too late to buy in. Always buy plantation stocks when the CPO price is on a downtrend. Sell when CPO is on uptrend. Good luck
Crude palm oil prices face an upside risk due to the continuing Russia-Ukraine war, Affin Hwang IB analysts Nadia Aquidah, Steven Chan and Andrew Lim say in a note. Uncertainties due to the war can disrupt global grain supply, pushing vegetable oils prices higher, they say. Global warming can also disrupt crop production yields and make prices volatile, they add. The analysts maintain CPO price estimates for 2023 at MYR3,800/ton-MYR4,000/ton and for 2024 at MYR4,200/ton-MYR4,400/ton. They reckon that the plantation sector's earnings will grow by around 4%-5% with every MYR100/ton increase in CPO prices. They maintain a neutral rating on the sector and select Kuala Lumpur Kepong and Jaya Tiasa Holdings as their top picks
Most plantation Cos reported decline in profit in last qtr ranging from 84% to 45% while average CPO price was RM3800/tonne so the next qtr it may be a small improvement only unless CPO price shoot past 4500 in the month of September !
Maybank IB stop loss 3.43 for this stock was hit on 7 September. For me, looking at the chart, this stock likely sideways or down trending. TaAnn holders revisit if you are trading coz short term not looking too strong.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....