By Danni Haizal Danial Donald
KUALA LUMPUR, Aug 31 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade with an upward bias next week, continuing from its positive momentum this week, driven by concerns over sluggish output prospects, said a dealer.
“We anticipate the commodity’s price to trade between RM3,850 a tonne and RM4,050 a tonne next week,” palm oil trader David Ng told Bernama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani also sees CPO prices trading in the same range but expects some volatility ahead of the Malaysian full-month palm oil export and production data.
However, Interband Group of Companies senior palm oil trader Jim Teh has forecast CPO futures to trade lower on profit-taking next week, in the range of RM3,700-RM3,800 a tonne.
“Physical demand is coming from China, India, Pakistan, the Middle East, the European Union and the United States, (but) stocks are still plentiful in Malaysia and Indonesia,” he said.
On a Friday-to-Friday basis, the spot month September 2024 contract rose by RM99 to RM4,075 per tonne while October 2024 gained RM99 to RM4,015 and November 2024 added RM110 to RM3,977.
The December 2024 contract increased RM94 to RM3,945 per tonne while January 2025 improved by RM77 to RM3,924 and February 2025 gained RM72 to RM3,910.
Total weekly volume increased to 366,765 lots from 361,091 the previous week, while open interest rose to 230,900 contracts from 223,891 a week earlier.
The physical CPO price for August South gained RM100 to RM4,100 per tonne on Friday, up from RM4,000 at the end of the previous week.
-- BERNAMA
