CPO futures to see profit-taking activity

Shipments of palm oil, which contributed 6.5% to total exports, may drop as Indonesia recently reduced its export levy for crude palm oil (CPO) to zero from US$200 (RM889) per tonne.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend downward this week on profit-taking activities.

Interband Group of Companies senior palm oil trader Jim Teh said the price movement this week is expected to be confined between RM3,200 and RM3,700 per tonne.