KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives may see volatile trading next week, ahead of the release of production, stocks and exports data.
Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said markets will closely monitor the Malaysian Palm Oil Board s (MPOB) data, which is due on Monday.
In addition, investors are also awaiting April 1-10 projections by cargo surveyors, which are likely to be released next week. Focus will be on March production. However, prices are likely to be firmer but volatile, he told Bernama, today.
Earlier this week, Sathia said global demand and export for palm oil products will see strong recovery from April to June 2021, mainly from India and China, which are severely understocked at the moment.
KUALA LUMPUR: Malaysia is maintaining the export tax for crude palm oil (CPO) at eight per cent for April 2021.
In a circular posted on the Malaysia Palm Oil Board s website, the Royal Malaysian Customs Department said the eight per cent export duty rate was set after the CPO market price surpassed RM3,450 per tonne.
Malaysia, which is the world s second largest palm oil producer and exporter, calculated a reference price of RM4,331.48 per tonne for April.
The export tax structure starts at three per cent for CPO in a RM2,250 to RM2,400 per tonne range. The maximum tax rate is set at eight per cent when prices exceed RM3,450 ringgit per tonne.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to continue trading in range bound mode next week as the market is lacking movement catalysts, a dealer said.