A systematic literature review on forecasting Malaysia’s crude palm oil price by considering storage cost using Geometric Brownian Motion

Recent research has shown a growing interest in exploring Malaysia's crude palm oil (CPO) price forecasting, with a particular focus on integrating storage costs using the Geometric Brownian Motion approach. This study undertakes a thorough Systematic Literature Review (SLR) adhering to the PRISMA model. The primary objective is to systematically identify, assess, and consolidate relevant literature that investigates the prediction of Malaysia's crude palm oil price, considering the impact of storage costs through the application of the Geometric Brownian Motion method. To ensure the review's credibility, specific criteria were established for data selection. The search encompassed well-known search engines like Google Scholar, ERIC, Scopus, ResearchGate, and other reputable databases to retrieve pertinent research papers for inclusion in the SLR. By comprehensively analysing relevant studies, the review seeks to uncover research patterns and valuable insights concerning the interplay between storage costs and CPO price forecasting. Both statistical and mathematical methods have been used among past researchers to forecast commodity prices. However, there is no article that did forecast CPO prices or other commodities by considering the storage cost factor. Hence, the resulting findings are expected to offer essential guidance for future research and informed decision-making within the palm oil industry.