KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is anticipated to trade in range-bound mode next week as market gamers lack motion catalysts forward of the brand new 12 months 2022.
Palm oil dealer David Ng stated the merchants lack contemporary leads, primarily on manufacturing and export information for January 2022.
“Basically market gamers lack any information catalyst that may drive CPO costs greater,” he instructed Bernama.
Hence, he stated the futures contract is anticipated to trade between RM4,500 and RM4,800 per tonne.
Meanwhile Singapore-based Palm Oil Analytics proprietor and co-founder Dr Sathia Varqa stated next week’s buying and selling might be based mostly on Malaysian Palm Oil Association (MPOA) palm oil trade efficiency information for December 2021.
“Traders would additionally undertake a cautious stance following the availability and demand estimate from pollsters forward of Malaysian Palm Oil Board information on Jan 10, 2022,” he stated.
For the week simply ended, Malaysian CPO futures completed principally decrease, monitoring weaker soybean oil efficiency on the Chicago Board of Trade and profit-taking actions.
On a Friday-to-Friday foundation, January 2022 elevated RM32 to RM5,159 a tonne, February 2022 gained RM93 to RM4,958 a tonne, March 2022 improved RM48 to RM4,697 a tonne and April 2022 was greater by RM20 at RM4,503 a tonne.
Meanwhile, May 2022 rose RM5 to RM4,363 a tonne and June 2022 declined RM9 to RM4,256 a tonne.
Weekly quantity fell to 199,081 tons from 231,382 tons final week, whereas open curiosity slipped to 241,002 contracts from 260,550 contracts beforehand.
The bodily CPO value for January South jumped RM80 to RM5,180 a tonne. – Bernama