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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see muted trading next week at between RM3,450 and RM3,750 per tonne, said a dealer.
Palm oil trader David Ng said it might be slightly negative bias pending the expectation of sluggish export performance next week. The announcement on the CPO export tax recently will dampen the demand for the commodity,” he told Bernama.
According to a circular posted on the Malaysian Palm Oil Board’s website published last Thursday, the Royal Malaysian Customs Department said the CPO export tax is retained at 8 per cent for March 2021 for the value of RM3,977.36 per tonne.