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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade with an upward bias next week, given the stronger export outlook, said a dealer.
Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said a neutral Malaysian Palm Oil Board (MPOB) report also could see a sustained recovery in CPO futures.
"The MPOB report is due on Dec 13. While investors awaited the industry data, hopes of higher demand in Indonesia from a potential new biodiesel rule also lifted the CPO prices,” he told Bernama.
It was reported that Indonesia may implement a programme to use B35 from January 2023 amid expectations that the crude oil price would remain high next year.
B35 is a fuel containing a 35 per cent mix of palm oil-based fuel.
Meanwhile, palm oil trader David Ng said CPO ended higher on Friday on concern over weaker output and expectation of lower stocks ahead of the MPOB report.,
"The report is lifting sentiment higher. Hence, we expect prices to trade with an upward bias between RM3,900 and RM4,300 next week,” he said.
For the week just ended, CPO futures were mostly higher tracking gains in the soybean oil futures on the Chicago Board of Trade (CBOT) as well as the expectation of a lower output and stock level in the country.
On a weekly basis, December 2022 declined RM76 to RM3,924 per tonne, January 2023 was RM77 lower at 3,948 per tonne, February 2023 lost RM90 to RM3,995 per tonne, March 2023 dropped RM41 to RM4,032 per tonne and April 2023 eased RM17 to RM4,035 per tonne.
Total weekly volume increased to 352,786 lots from 308,528 lots in the previous week while open interest edged down to 214,515 contracts from 292,073 lots at the end of last week.
The physical CPO price for November South rose RM30 to RM4,030 per tonne. - Bernama