CPO FUTURES SEEN BULLISH NEXT WEEK, RM4,050-RM4,250 RANGE

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, April 26 (Bernama) -- The crude palm oil (CPO) futures market is expected to trade on a bullish note next week, driven by a price discount relative to soybean oil, which could spark increased buying interest, according to trader David Ng.

Ng told Bernama that CPO prices are forecast to range between RM4,050 and RM4,250 per tonne.

Interband Group of Companies senior palm oil trader Jim Teh also predicted a firmer market, with CPO futures likely to trade between RM3,800 and RM3,900 per tonne. He said physical demand would primarily come from India, China, and the Middle East.

Teh added that buying interest could extend to Pakistan and some European Union countries.

On the supply side, Teh noted that local CPO stocks remain abundant, with better-than-expected production in April, supported by favourable weather conditions.

Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said market participants would focus on April’s supply and demand estimates, particularly the extent of the production increase.

On a Friday-to-Friday basis, the spot month May 2025 contract rose RM22 to RM4,139 per tonne, while June 2025 gained RM68 to RM4,057. The July 2025 contract increased RM82 to RM4,057 per tonne.

August 2025 climbed RM86 to RM4,047, September 2025 grew RM80 to RM4,039, and October 2025 rose RM69 to RM4,029 per tonne.

Weekly trading volume declined to 410,686 lots from 434,196 the previous week, while open interest edged up to 239,139 contracts from 239,000.

The physical CPO price for May South was RM50 lower at RM4,200 per tonne.

-- BERNAMA