KUALA LUMPUR( B -Trams ): As traders await the Malaysian Palm Oil Board’s report on January 2023 production and exports in the middle of the week, the Crude Palm Oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade in a yo-yo fashion the following week.
According to senior palm oil trader Jim Teh of Interband Group , Analysis the prices for the commodity may fluctuate because most analysts anticipate higher stocks, lower export figures, and slower demand in Malaysia and Indonesia.
Due to the high inventory, international buyers will have more control over when and where they buy. Additionally, next week is a holiday-shortened week, resulting in less buying and lower volume.
According to Teh, who spoke with Bernama, “Furthermore, some traders are just about to start operations after the long Chinese New Year celebrations.”
He stated that the price of the product is anticipateto between RM3,300 and RM3,500 per tonne.
In the meantime, palm oil trader David Ng anticipates analysis that the market will trade between RM3,500 and RM4,000 per tonne next week.
Malaysian CPO futures for the shortened trading week that just ended mixed and influenced by bargain hunting, weaker export anticipation, and a lack of demand. On a weekly basis, February 2023 lost RM149 to RM3,725 per tonne, March 2023 lost RM66 to RM3,833 per tonne, April 2023 lost RM51 to RM3,851 per tonne, May 2023 lost RM41 to RM3,862 per tonne
At the conclusion of the previous week, open interest decreased to 168,241 contracts from 174,782 contracts, while total weekly volume increased to 224,673 lots from 154,453 lots.
For February South, the physical CPO price was RM3,800 per tonne, which was RM120 cheaper.
Due to the Federal Territory Day holiday, the Malaysian futures market will closed on Wednesday, February 1, 2023.
As a substitute holiday for Thaipusam, which falls on Sunday, February 5, 2023, it will also closed on Monday, February 6, 2023.
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