KUALA LUMPUR –The high demands facing this Ramadhan will lift up crude palm oil demands for the contract in Malaysian Derivatives Exchange next week.

Interband Group of Companies Senior Palm Oil Trader, Jim Teh, as quoted from Bernama, Saturday (3/5/2014) said, the demand on the commodity would be from Middle East Countries.

He hoped, the commodity would be RM2,650 and RM2,700 /ton next week – the beneficial level for planters or plantations.

Meanwhile, Phillip Futures Sdn Bhd, Spesialis Derivatif, David Ng said, the trade would be fluctuative for the investors would do downtrend of the soyoil price in Chicago Board of Trade.

The price of soyoil recently fell down for the anticipation of the production markets were higher than it in South America. It also happened for the cancelation of vegetable oil import from China for being in the decresing economy.

"The demand in Ramadhan will decrease the downtrend and this will make the sentimen of the markets. Malaysian Palm Oil Board was hoped to release the production data for April on May 12 to indicate what clear prospects of the markets,” Ng Bernama said. (T3)