KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in range-bound mode next week as the market is lacking movement catalysts, a dealer said.
Interband Group of Companies senior palm oil trader Jim Teh said the market projection was made based on the quiet market and no major festival happening in the coming weeks.
He told Bernama that the futures contract is expected to trade between RM3,200 and RM3,300 per tonne.
Palm oil trader David Ng also expects the CPO futures to trade range-bound but with a negative bias, given the prospect of higher production which may increase the overall stock level in the country.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives would likely experience a technical correction next week following high inventory data released by the Malaysian Palm Oil Board (MPOB).
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade lower next week amid a slowdown in demand post-Eid al-Fitr festive season with price hovering between RM3,800 and RM3,900 per tonne.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see quiet trading next week or retreat on slight profit-taking, with the price to move between RM3,200 and RM3,350 per tonne.
Interband Group of Companies senior palm oil trader Jim Teh said investors would likely be on leave for Chinese New Year as early as Jan 9 and resume trading on Feb 15. Most of them would not take oil next week due to the celebration, especially China as they have gotten their stock ahead of the festival, last month,” he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said trading is expected to be volatile next week due to a short trading week with more focus on month-end stock for January.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to undergo technical correction next week with pessimistic exports outlook.
Interband Group of Companies senior palm oil trader Jim Teh said prices would likely hover between RM3,200 and RM3,300 per tonne in the coming week. The demand will also be slower, given the upcoming Chinese New Year holiday next month,” he told Bernama.
According to cargo surveyor Societe Generale de Surveillance, Malaysian palm oil products exports for the Jan 1-20 period dropped 43.3 per cent to 572,910 tonnes from 1,010,653 tonnes shipped for Dec 1-20.
Meanwhile, data from another cargo surveyor, Intertek Testing Services also showed that exports of the country’s palm oil products for Jan 1-20 fell 43.1 per cent to 607,900 tonnes from 1,067,670 tonnes for Dec 1-20.