24th Jun 2024 15:46
Anglo-Eastern Plantations PLC - palm oil producer with plantations across Indonesia and Malaysia - Issues operational performance and development update ahead of Monday's annual general meeting. In the five five months to May, production of fresh fruit bunches was 403,200 million tonnes, down 4% from a year prior. Production in Kalimantan in the second quarter was slightly lower compared to the first quarter due to higher rainfall. Crop production was nevertheless up 2% against last year. Adds the crude palm oil price averaged USD1,014 per million tonnes for the first five months to May, up 1% from a year prior. Looking ahead, expects demand for to remain weak and may decline in the near term, especially against the backdrop of a seasonal increase in soybean production in South America. Further expects weaker CPO prices going forward as harvests generally peak in the second half of the year barring a drastic change in weather forecast. Read More
