GoldenAgri

No Co specific news on GoldenAgri, however we note that CPO prices fell to the lowest level in more than a wk on speculation that stockpiles in Malaysia, the second-largest grower, may increase amid a seasonal jump in production and drop in exports. The October-delivery contract dropped 0.4% to close at RM2,907 / metric ton on the Malaysia Derivatives Exchange, the lowest settlement price since July 26. Futures have dropped 8.4% this year. The MPOB note that Palm oil fell on concerns that higher production in the high output months may lead to a build-up of stockpiles amid tepid demand. End-buyers have lots of oil in their pipeline and that there’s no rush to stockpile as they foresee lower prices in the near future.