CPO

THE crude palm oil ( CPO) futures contract on Bursa Malaysia Derivatives is expected to see profit-taking with prices likely moving between RM1,800 and RM1,900 a tonne, a dealer said.

Interband Group of Companies Senior Palm Oil trader, Jim Teh, said demand was expected to be slightly lower due to higher stocks.

“Our palm oil stocks, which breached the three milliontonne mark in November is the highest ever recorded in nearly 20 years,” he told Bernama.

The Malaysian Palm Oil Board (MPOB) on Monday said that palm oil stocks increased 10.45 per cent to 3.01 million tonnes in November from 2.72 million tonnes recorded at endOctober, while exports eased 12.87 per cent to 1.38 million tonnes in November from 1.58 million tonnes in the previous month.