By Nur Athirah Mohd Shaharuddin
KUALA LUMPUR, Aug 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are projected to retreat next week after a recent rally, due to a challenging external environment, traders said.
Palm oil trader David Ng attributed the subdued outlook to global economic uncertainty and persistent weakness in soybean oil prices.
“We anticipate prices will range between RM3,700 and RM3,880 per tonne next week,” Ng told Bernama.
Similarly, Interband Group of Companies senior palm oil trader Jim Teh forecasted that CPO futures will trade between RM3,700 and RM3,850 per tonne.
“Production is expected to be strong in August due to favourable weather conditions.
“Many analysts anticipate that stock levels will increase as a result," added Teh.
On a Friday-to-Friday basis, the spot month September 2024 contract rose by RM104 to RM3,976 per tonne.
October 2024 increased by RM164 to RM3,916 per tonne, November 2024 edged up RM186 to RM3,867 per tonne, and December 2024 surged RM192 to RM3,851 per tonne.
The January 2025 contract improved by RM194 to RM3,847 per tonne, while February 2025 gained RM183 to RM3,838 per tonne.
Total weekly volume rose to 361,091 lots from 312,466 the previous week, while open interest declined to 223,891 contracts from 225,277 a week earlier.
The physical CPO price for August South increased by RM80 to RM4,000 per tonne on Friday, up from RM3,920 at the end of the previous week.
-- BERNAMA
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