Interband Group of Companies senior palm oil trader Jim Teh said the price would likely move between RM3,200 and RM3,300 per tonne.
"The market will be moving like a yo-yo and traders taking up the money to speculate on futures markets as well as equities markets,” he told Bernama, adding that most of the international traders would be going on for year-end leave from next week onwards.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market would be focusing on the month end-stock estimation based on November supply and demand.
According to independent inspection company AmSpec Agri Malaysia, exports of local palm oil products in the period from Nov 1 to Nov 25 fell 18.9 per cent to 1,145,868 tonnes from 1,412,361 tonnes shipped from Oct 1 to Oct 25.
For the week just ended, the CPO price was mostly higher, influenced by lower production, a stronger soybean oil price on US Chicago Board of Trade and movements of crude oil as well the ringgit against the US dollar.
On a Friday-to-Friday basis, the CPO futures contract for December 2020 was up RM22 to RM3,505 per tonne, January 2021 increased RM45 to RM3,401 per tonne, and February 2021 widened RM50 to RM3,338 per tonne, while March 2021 added RM54 to RM3,274.
Weekly volume increased to 347,718 lots from 320,689 lots in the previous week, while open interest rose to 275,355 from 259,018 contracts a week earlier.
On the physical market, December South stood at RM3,500 per tonne. - Bernama
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