KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade slightly lower this week due to recent export weakness, says palm oil trader David Ng.
He noted that demand from India had been persistently weak in recent weeks but expected the situation to improve by the end of the week.
“We expect the commodity to trade between RM4,500 and RM4,700 per tonne,” he told Bernama.
Interband Group of Companies senior palm oil trader Jim Teh forecast CPO prices to range between RM4,100 and RM4,300 per tonne, despite lower stocks reported by the Malaysian Palm Oil Board (MPOB) in its January 2025 industry performance report last Monday.
MPOB said Malaysia’s processed palm oil stockpiles fell 2.9% to 790,817 tonnes in January from 814,426 tonnes the previous month, while total palm oil stocks declined 7.55% to 1.58 million tonnes from 1.71 million tonnes in December.
On a Friday-to-Friday basis, the February 2025 spot-month contract fell RM56 to RM4,725 per tonne.
The physical CPO price for February South declined RM20 to RM4,800 per tonne.
