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.
10:49 AM MYT
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to retreat from this week’s gains, driven by profit taking due to higher prices, a dealer said.
Interband Group of Companies senior palm oil trader Jim Teh said prices would likely hover between RM3,350 and RM3,450 per tonne in the coming week. The market is also likely to be affected by the stronger ringgit against the US dollar, as foreign traders buy our CPO with the greenback. Traders also would likely be concerned with the lower export data recently,” he told Bernama.
Message :
Required fields Malaysia s palm oil exports were up 25% on month at 1.62 million metric tons in December, the Malaysian Palm Oil Board said. The following are details of the December crop data and revised numbers for November, issued by MPOB: December November Change On Month Crude Palm Oil Output 1,333,637 1,491,551 Dn 10.59% Palm Oil Exports 1,624,692 1,303,271 Up 24.66%
Palm Kernel Oil Exports 145,551 91,747 Up 58.64% Palm Oil Imports 282,058 112,663 Up 150.35% Closing Stocks 1,264,881 1,561,758 Dn 19.01% Crude Palm Oil 583,761 722,451 Dn 19.2% Processed Palm Oil 681,120 839,307 Dn 18.85% This content was automatically published based on data and/or text from the original source. For feedback, write to singaporeeditors@dowjones.com. (END) Dow Jones Newswire
KUALA LUMPUR: Malaysia's crude palm oil (CPO) stocks slumped 19.2 per cent to 583,761 tonnes in December 2020 from the 722,451 tonnes in November, the Malaysian Palm Oil Board (MPOB) said.