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Shipments of palm oil, which contributed 6.5% to total exports, may drop as Indonesia recently reduced its export levy for crude palm oil (CPO) to zero from US$200 (RM889) per tonne.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend downward this week on profit-taking activities.

Interband Group of Companies senior palm oil trader Jim Teh said the price movement this week is expected to be confined between RM3,200 and RM3,700 per tonne.

“The lower forecast is mainly due to July’s high CPO stock in Malaysia and Indonesia.

“Demand is so-so (neither very good nor very bad),” he told Bernama.

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The Malaysian Palm Oil Board, in its report released on Aug 10, revealed Malaysia’s CPO stocks for July 2022 rose 2.79% to 905,946 tonnes from 881,315 tonnes recorded in June 2022. Overall, palm oil stocks increased 7.71% to 1.77 million tonnes from 1.65 million tonnes in the preceding month.

He added that world uncertainties like Ukraine’s war and increasing worries about global economic slowdown coupled with inflation and recession concerns have led to performance declines in most commodity markets, including the CPO.

Meanwhile, palm oil trader David Ng is bullish in his projection of the CPO futures which he expects to trade between RM3,900 and RM4,200 per tonne.

He foresees the CPO futures to trend with upside bias given the bargain buying activities amid the weaker ringgit against the US dollar and the expectation of stronger exports in the coming weeks.


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