Lang
KUALA LUMPUR — Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to maintain a bullish bias next week, supported by firm fundamentals and expectations of tighter supply.
David Ng, a proprietary trader at Iceberg X Sdn Bhd, told Bernama that prices could also draw support from concerns over palm oil production amid El Niño-related hot and dry weather conditions, which could potentially affect yields.
'Next week, we expect prices to trade within the range of RM4,850 and RM5,000,' Ng said.
Separately, Jim Teh, senior palm oil trader at Interband Group of Companies, said CPO futures are expected to remain bullish, supported by current CPO stock levels in Malaysia and Indonesia. He added that physical demand is expected to come mainly from China, India, Pakistan, the European Union, West Asia and the United States.
On a Friday-to-Friday basis, the September 2026 contract fell RM163 to RM4,628 per tonne, while October 2026 declined RM146 to RM4,788 and November 2026 eased RM124 to RM4,894.
The December 2026 contract dropped RM89 to RM4,988 per tonne, January 2027 lost RM51 to RM5,067, and February 2027 edged down RM20 to RM5,121.
Weekly trading volume fell to 466,029 lots from 682,863 lots in the preceding week, while open interest declined to 332,943 contracts from 342,115 contracts previously.
The physical CPO price for September South fell RM120 to RM4,650 per tonne.
Source: Bernama