Interband Group of Companies senior palm oil trader Jim Teh said the price would likely trade between RM3,350 and RM3,450 per tonne. KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see quiet trading or retreat next week on mild profit-taking, as traders will go on leave for the Christmas and New Year celebration, a dealer said. Interband Group of Companies senior palm oil trader Jim Teh said the price would likely trade between RM3,350 and RM3,450 per tonne. "Similar to the yearly scenario, we will come across some window-dressing activity by public-listed companies and this would help push up the edible oil’s prices as we move towards end of the year, ” he told Bernama. Meanwhile, Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the futures may edge higher as the extent of lower production and tighter stocks become apparent in view of rising December exports. Commenting on the resumption of the crude palm oil export tax comes January, he said the domestic market will be doing good at the moment although it was seen to be tight in the last six months. "However, prices would remain elevated due to lower production until mid-February next year with the price range of between RM3,400 and RM3,550 per tonne, ” he said. Malaysia has set the export tax for CPO at 8.0 per cent for January 2021. On Tuesday, the Royal Malaysian Customs Department, in a statement, said the 8.0 per cent export duty rate was set after the CPO market price reached RM3,450 per tonne and above. The rate would be effective from Jan 1 until Jan 31,2021, marking the end of the zero export tax enjoyed from June to December 2020, which was aimed at raising the value of Malaysian palm exports to other countries, mainly India. For the week just ended, the CPO price was mostly higher, backed by firmer soybean oil prices, overnight rally in Chicago bean oil, as well as lower output and stockpiles. On a Friday-to-Thursday basis, CPO futures contract for January 2021 increased RM191 to RM3,854 per tonne, February 2021 rose RM180 to RM3,715 per tonne, March 2021 surged RM125 to RM3,569 per tonne, and April 2021 added RM88 to RM3,447 per tonne. Weekly volume narrowed to 212,577 lots from 266,582 lots in the previous week, while open interest down to 210,643 contracts from 222,645 contracts a week earlier. The physical CPO price for January South up RM50 to RM3,850 per tonne. The market will resume on Dec 28. - Bernama
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