PETALING JAYA: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in range-bound mode this week, as market players lack movement catalysts.
Palm oil trader David Ng said the traders lacked fresh leads, mainly on production and export data for this month.
“Basically, market players lack any news catalyst that can drive CPO prices higher,” he told Bernama.
Hence, he said the futures contract is expected to trade between RM4,500 and RM4,800 per tonne.
Meanwhile Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said this week’s trading will be based on the Malaysian Palm Oil Association palm oil industry performance data for December 2021.
“Traders will also adopt a cautious stance following the supply and demand estimate from pollsters ahead of the Malaysian Palm Oil Board data on Jan 10, 2022,” he said.