Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives next week are expected to be influenced by the export data to be released by cargo surveyors, dealers said.Cargo surveyors, Societe General de Surveillance (SGS) and Intertek Testing Services (ITS), are scheduled to release export estimates for the first 20 days of January, which may provide a new impetus for the market.
A dealer said the CPO futures prices are expected to be traded in the range of between RM2,350 and RM2,450 per tonne next week.
Another dealer said the extended zero-tax on CPO for February announced by Plantation Industries and Commodities Minister Tan Sri Bernard Dompok on Monday, will help to attract more buyers next week.
On concerns over high inventory, the implementation of the 10 per cent palm biodiesel blending (B10 programme) nationwide by the government will ease the current record high palm oil stock, Dompok said.
For the week just-ended, CPO prices were traded higher on most days, influenced by the minister's announcement as well as the movement in the soybean oil prices.
On a Friday-to-Friday basis, February 2013 improved RM25 to RM2,358 per tonne, March 2013 chalked up RM15 to RM2,383 per tonne and April 2013 added RM4 to RM2,400 per tonne.
January 2013 ended at RM2,330 per tonne on Tuesday while new contract month June 2013 debuted at RM2,419.
The weekly turnover fell to 203,175 lots from 233,651 lots last week while open interest on Friday was up at 217,050 contracts versus 213,783 contracts previously.
On the physical market, February South stood at RM2,280 per tonne.-- BERNAMA
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