InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange could be increase for the next one week because of the sentiment positive that happens, as a dealer said.

Palm oil trader, David Ng told that the sentiment positive in palm oil markets would make the price better for the next week by anticipating the decreasing production because the traders are still waiting for the latest output.

“We predict, palm oil would be at RM 3.800 per ton and RM 4.000 per ton next week,” he said, as quoted from Bernama.

On the other hand, senior trader from Interband Group, Jim Teh thought profit taking could happen next week because of ringgit currency getting better toward American dollar.

“Many palm oil stocks in Malaysia and Indonesia. There is no urgency about it,” he said by saying that CPO would be at RM 3.500 per ton and RM 3.600 per ton next week.

Palm oil exports from Malaysia on 1 to 20 February decreased to be 676.949 tons to 828.910 tons in the same period in January. It decreased 151.961 tons or 18,3 percent, according to cargo surveyor.

In week, Spot contract for March 2024 increased RM59 to be RM3.969 per ton, April 2024 increased RM 47 to be RM 3.904 per ton, and May 2024 increased RM 44 to be RM 3.853 per ton.

June 2024 escalated RM 49 to be RM 3.794 per ton, July 2024 and August 2024 increased RM 46 to be RM 3.736 and RM 3.689 per ton for each.

The weekly volume also escalated to be 318.995 lots from 272.517 lots in the previous week while open interest got more to be 234.976 contracts from 227.927 contracts.

CPO physical price in March would be at RM 4.020 per ton, increases RM 40 from RM 3.980 per ton in the previous week. (T2)