PETALING JAYA: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are expected to experience technical correction this week, as concerns over production and high inventory weigh on investor sentiment, a trader says.
Interband Group of Companies senior palm oil trader Jim Teh said the palm oil stockpile in the country was sufficient for the market and no shortage of the edible oil was expected in the near term.
He said the CPO prices are forecast to trade between RM3,200 and RM3,350 per tonne.
“Most commodity prices are declining now and the market players are seen to be on cautious mode ahead of the year end and festive season that is likely to weigh on sentiment.,
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“The country’s higher stockpile and weaker demand will likely pressure the commodity’s prices, coupled with the risk of a global economic recession,” he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said traders would be eyeing closely the October 2022 full-month inventory data for forward guidance.
“The CPO price is expected to be bearish this week with estimations of rising stockpile higher than the current level,” he added.
For the holiday-shortened week just ended, the CPO futures were traded mixed in tandem with the Chicago soybean oil market and volatile crude oil prices.
On a weekly basis, CPO futures for spot month November 2022 shrank RM153 to RM3,826 a tonne, and January 2023 was RM112 lower at RM3,989 a tonne.
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