First Resources in favour despite drop in crude palm oil prices

CRUDE palm oil (CPO) prices have tumbled 17 per cent to below 2,400 ringgit (S$934) a tonne since its peak in mid-March, as Malaysia continues to produce more palm oil than expected.

But Singapore-listed Indonesian palm oil firm First Resources remained favoured by two research houses which put out reports on palm oil on June 10.

Citi Research said the company, which last traded at $2.35 a share, is among the cheaper and faster-growing firms in the sector.