One Malaysian trader said the palm oil market is going to continue trading in a tight range before the Bursa Malaysia’s Palm Oil and Laurics Conference starts on Monday.
“People are thinking Bursa Malaysia Palm Oil Conference speakers will say the market will go bullish at levels like RM2,800-3,000 (a tonne),” a trader with a foreign brokerage based in Kuala Lumpur said.
Traded volumes surged to 16,754 lots of 25 tonnes each from the usual 10,000 lots.
Traders are also on the lookout for February palm oil stocks, production and export data due to be released on Wednesday by industry regulator Malaysian Palm Oil Board.
Reuters will issue a poll today ahead of the data release.
Crude oil fell towards US$80 a barrel, weighing on other vegetable oil markets.
The soyoil March contract at the Chicago Board of Trade slipped in Asian hours as expectations of a bumper soybean crop offset rising crude oil prices.