Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the CPO prices could see a rebound after the sharp fall from external factors recently as the March 1-20 export data are expected to be rise by 5 to 7 per cent.
"The market players are also bullish about the second Virtual Palm and Lauric Oils Price Outlook Conference 2021 (Virtual POC 2021) which will be held on March 23-24, whereby they are optimistic on the outlook for price and production,” he told Bernama.
For the week just ended, the market traded mostly lower, tracking the weaker performance of soybean oil prices and the prospects of higher production in the coming weeks.
On a weekly basis, CPO futures contracts for April 2021 decreased RM261 at RM4,013 per tonne, May 2021 eased RM270 to RM3,855 per tonne, June 2021 declined RM264 to RM3,724 per tonne and July 2021 dipped RM250 to RM3,613 per tonne.
Weekly volume soared to 376,496 lots from 360,756 lots the previous week, while open interest decreased to 256,905 contracts from 271,861 contracts a week earlier.
The physical CPO price for March South dipped by RM250 to RM4,050 per tonne. - Bernama