InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivatives Exchange could be carefully in trade in this week, or about RM 3.300 to RM 3.500 per ton. It happens for the uncertain economic progress condition in the globe.
Jim Teh of Interband Group thought, some traders in markets could be back down because there would be continuous uncertainty and some cities in China would be in lockdown to control Covid-19 spread.
He also predicted, CPO supply would be abundant from Malaysia and Indonesia. The relatively good condition would support palm oil plantations and the business still makes profits. “But we think, some speculators would have no action and this could influence CPO price in the exchanges,” he said, as quoted from Bernama. He also said, some traders would be still monitoring the economic condition globally.
Meanwhile, Research Head of Sunvin Group in Mumbai, Anilkumar Bagani predicted, CPO could be sold between RM 3.600 to RM 4.200 per ton. It refered to the August report published by Malaysian Palm Oil Board (MPOB), namely about the supply. "Including about Covid-19 situation in China and monitoring the production of other vegetable oil in North America,” he said as quoted from The Star.
In the second week which just ended, CPO at Bursa Malaysia Derivatives Exchange could be cheaper. It happens for the lower soyoil and CPO price. The markets would be carefully seeing the lockdown in some cities in China because of Covid-19. (T2)