By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, July 20 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade on a positive bias ahead of key export and production estimates next week, said palm oil trader David Ng.
He anticipates the upcoming export estimates to be stronger while production estimates will rise by five per cent month-to-month.
“Hence, we expect the market to trade between RM3,850 and RM4,000 next week,” he told Bernama.
Meanwhile, Interband Group of Companies senior palm oil trader Jim Teh said the CPO market will be trading between the RM3,900 and RM4,000 per tonne range.
“The CPO stock level is high, thanks to the current ringgit level, which would boost physical demand from India, China, Pakistan, Middle Eastern countries, the United States, and European countries,” he said.
On a weekly basis, the new spot month ended on Friday at RM4,013 a tonne, September was RM66 higher at RM3,981 a tonne, October 2024 rose RM69 to RM3,961 a tonne, November 2024 increased by RM65 to RM3,949 a tonne, December 2024 climbed RM58 to RM3,949 a tonne, and January 2025 stood at RM3,956 a tonne.
Total weekly volume shrank to 257,940 lots from 300,702 in the previous week, while open interest decreased to 216,920 contracts from 221,682 a week ago.
The physical CPO price for July South improved by RM20 to RM4,050 a tonne on Friday from RM4,030 a week earlier.
-- BERNAMA
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