By Danni Haizal Danial Donald
KUALA LUMPUR, Sept 21 (Bernama) -- Stronger export performance is expected to boost the crude palm oil (CPO) futures on Bursa Malaysia Derivatives next week, said a trader.
Palm oil trade David Ng said the positive market sentiment will also be influenced by weaker output growth.
“Next week, we expect prices to trade between RM3,820 and RM4,080,” he told Bernama.
Meanwhile, Interband Group of Companies senior palm oil trader Jim Teh expects CPO futures to trade lower on profit-taking next week, in the range of RM3,700-RM3,800 a tonne.
“The stronger ringgit performance influenced the market sentiment this week. Physical demand came from China, India, Pakistan, the Middle East, the European Union, and the United States, and stocks are still plentiful in Indonesia,” he said.
On a Friday-to-Friday basis, the new spot month of October 2024 surged by RM118 to RM4,027 a tonne, November 2024 rose RM160 to RM3,974, while December 2024 gained RM172 to RM3,947.
January 2025 inched up by RM171 to RM3,925, February 2025 grew by RM164 to RM3,907, while new month March 2025 stood at RM3,885.
The September 2024 contract ended at RM3,930.
Total weekly volume decreased to 368,026 lots from 422,487 last week, while open interest fell to 254,752 contracts from 259,519 previously.
The physical CPO price for October South went up RM60 to RM4,070 on Friday from RM4,010 last week.
-- BERNAMA
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