CPO Futures May See Slight Downtrend Next Week On Profit-taking

By Siti Noor Afera Abu

KUALA LUMPUR, Feb 8 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend slightly lower next week as traders engage in profit-taking following the recent price rally, said palm oil trader David Ng.

“We expect the commodity to trade at between RM4,380 and RM4,600 (per tonne),” he told Bernama.

Meanwhile, Interband Group of Companies senior palm oil trader Jim Teh said that Malaysia and Indonesia still have ample palm oil stocks, with no sign of shortage.

“As usual, demand will come from China, India, Pakistan, the Middle Eastern countries, the European Union, and the United States,” he added.

The Malaysian Palm Oil Board will be releasing its data for January 2025 on Monday, Feb 10.

On a Friday-to-Friday basis, the February 2025 spot-month contract rose RM229 to RM4,781 per tonne.

The March 2025 contract increased RM197 to RM4,601 per tonne, while April 2025 climbed RM215 to RM4,504 per tonne, May 2025 went up RM215 to RM4,504 per tonne, June 2025 improved RM180 to RM4,320 per tonne, and July 2025 advanced RM160 to RM4,261 per tonne.

Weekly trading volume surged to 375,637 lots from 162,072 lots in the previous week, while open interest widened to 227,401 contracts from 219,710 contracts.

The physical CPO price for February South increased RM170 to RM4,820 per tonne.

-- BERNAMA