Malaysian palm oil price expected to be higher next week

palm oil plantation

KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to move higher next week on concerns over inventory level, with prices likely to trend above RM2,900 per tonne.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said Malaysian Palm Oil Association (MPOA) data was expected to confirm next week that production in the local market fell by about eight to 13 per cent in the Dec 1-20 period compared to Nov 1-20, thus giving support to CPO prices.