KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with an upward bias this week, a dealer said.

       Palm oil trader David Ng said concerns about weaker output and recent robust demand would continue to lift sentiment.

       “We expect prices to move between RM4,500 and RM4,800 per tonne this week,” he told Bernama.

       Meanwhile, Interband Group senior palm oil trader Jim Teh said the market is expected to experience a technical correction this week due to closing of year-end accounts and the holiday season.

       He projected the commodity to trade between RM4,200 and RM4,300 per tonne this week.

       Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said palm oil prices are expected to stay range-bound this week amid the December supply and demand previews and year-end phenomenon.

       For the week just ended, Malaysian CPO futures finished mostly higher, tracking stronger soybean oil performance on the Chicago Board of Trade and expectation of weaker output in the coming weeks.