The Star Online (25/01/2021) - KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to undergo technical correction this week with pessimistic exports outlook.

Interband Group of Companies senior palm oil trader Jim Teh said prices would likely hover between RM3,200 and RM3,300 per tonne.

“The demand will also be slower, given the upcoming Chinese New Year holiday next month, ” he told Bernama.

According to cargo surveyor Societe Generale de Surveillance, Malaysian palm oil products exports for the Jan 1-20 period dropped 43.3% to 572,910 tonnes from 1,010,653 tonnes shipped for Dec 1-20.

Meanwhile, data from another cargo surveyor, Intertek Testing Services also showed that exports of the country’s palm oil products for Jan 1-20 fell 43.1% to 607,900 tonnes from 1,067,670 tonnes for Dec 1-20. — Bernama

Read more at https://www.thestar.com.my/business/business-news/2021/01/25/technical-correction-for-cpo-futures