malaysiangKUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to remain subdued next week due to weak soybean oil sentiment and ongoing concerns over rising stockpiles of palm oil in the country, said commodity trader David Ng.
‘We anticipate the commodity’s price to trade between RM3,750 and RM3,900 per tonne next week,’ he told Bernama.
Interband Group of Companies senior palm oil trader Jim Teh has forecast CPO futures to trade within a range of RM3,730 to RM3,830 per tonne next week, driven by strong demand from key markets such as China, India, and the European Union.
‘In terms of stocks, we are expecting the Malaysian Palm Oil Board (MPOB) to release figures on Sept 10, which is next Tuesday, for the August stock position. Due to favourable weather, stock levels might increase,’ he said. He noted that physical demand is expected to come from the usual markets – China, India, Pakistan, Middle Eastern countries, the European Union, and the US.
On a Friday-to-Friday basis, the
spot month September 2024 contract dropped RM95 to RM3,980 per tonne, the October 2024 contract fell by RM80 to RM3,935 and November 2024 was down by RM79 to RM3,898.
The December 2024 contract lost RM71 to RM3,874 per tonne, January 2025 declined by RM63 to RM3,861 and February 2025 slid RM52 to RM3,858.
Total weekly volume increased to 305,672 lots from 366,765 the previous week while open interest rose to 232,403 contracts from 230,900 a week earlier.
The physical CPO price for September South went down RM70 to RM4,030 per tonne on Friday, up from RM4,100 at the end of the previous week.
Source: BERNAMA News Agency
