"Seasonally tight supply coincided with demand that was amplified by start-of-year festivities such as the Lunar New Year, Ramadan, and Eid," says Lim.
Ada Lim of OCBC Investment Research has kept her "buy" call on Bumitama Agri (SGX:P8Z
) , along with a raised fair value of 78.5 cents, up from 74 cents, to reflect a smaller drop in palm oil prices than earlier estimated.
In her April 3 note, Lim observes that crude palm oil (CPO) prices had enjoyed a strong start to the year, with March prices hitting the highest since last April's RM4,216 per tonne.
