11:15 AM MYT
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to consolidate further next week with bouts of profit-taking as most of international traders will take a leave for the Christmas celebration and year-end holiday.
Interband Group of Companies senior palm oil trader Jim Teh said the price would likely move between RM3,300 and RM3,350 per tonne.
"This is the best price performance for year 2020," he told Bernama, adding that next week is a short day trading week due to the Christmas celebration.
For the week just ended, the CPO price was mostly higher, influenced by better demand for the commodity, the overnight rally in Chicago bean oil, as well as expectations of stronger exports and weaker production.