CPO

THE crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to continue trading in range bound mode as the market is lacking movement catalysts, a dealer said.

Palm oil trader David Ng said prices are expected to hover between RM3,650 and RM3,800 per tonne.

Meanwhile Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the market will be focused on February’s supply and demand estimates data ahead of the Malaysian Palm Oil Board (MPOB) data due on March 10.

He said prices would likely move according to the estimated data where focus will be on production and the subsequent impact on end-month stocks.

“According to Southern Peninsula Palm Oil Millers’ Association, CPO production for Feb 1-25 was up noticeably by 19.78 per cent after seven months of poor growth,” he told Bernama.