By K. Naveen Prabu
KUALA LUMPUR, May 2 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade with an upward bias next week, a trader said.
Iceberg X Sdn Bhd proprietary trader David Ng said the ongoing United States (US)-Iran conflict, which continues to support crude oil prices, is likely to underpin market sentiment.
“We expect prices to trade between RM4,500 and RM4,650 per tonne next week,” he told Bernama.
On a weekly basis, the May 2026 contract fell RM13 to RM4,504 per tonne, the June 2026 contract declined RM25 to RM4,540 per tonne, and the July 2026 contract dropped RM27 to RM4,570 per tonne.
The August 2026 contract slid RM29 to RM4,588 per tonne, the September 2026 contract eased RM28 to RM4,599 per tonne, and the October 2026 contract slipped RM13 to RM4,609 per tonne.
The weekly trading volume decreased to 315,237 lots from 481,774 lots last week, while open interest went up to 259,891 contracts from 258,789 contracts previously.
The physical CPO price for May South fell RM20 to RM4,550 per tonne.
The market was closed yesterday (May 1) in conjunction with the Labour Day public holiday and will resume trading on May 4.
-- BERNAMA
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