CPO futures to trade with bearish bias next week

KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade with a bearish bias next week amid weakness in the crude oil market, said a trader.

Iceberg X Sdn Bhd proprietary trader David Ng said market sentiment is also weighed by policy uncertainty in Indonesia regarding palm oil exports.

“We expect prices to trade between RM4,350 and RM4,550 per tonne next week,” he told Bernama.

Interband Group of Companies senior palm oil trader Jim Teh said next week will be a short trading week due to the public holidays.

He expects profit-taking next week, leading to a trading range of RM4,200 to RM4,300 per tonne, which, he said, is a good price.

Quoting the Malaysian Palm Oil Board, he said Malaysia is in a heavy stock position of 2.30 million tonnes in April.

“As usual, physical buyers are expected from China, India, Pakistan, the Middle East, the European Union and the United States (due to the abundant supply),” he said.

On a Friday-to-Friday basis, the June 2026 contract rose RM40 to RM4,430 per tonne, July 2026 contract added RM43 to RM4,463 per tonne, and August 2026 gained RM49 to RM4,486 per tonne.

September 2026 contract increased RM53 to RM4,502 per tonne, October 2026 inched up RM60 to RM4,525 per tonne, and November 2026 was RM4,552 per tonne.

The weekly trading volume surged to 614,453 lots from 493,990 last week, while open interest inched down to 280,499 contracts from 285,554 previously.

The physical CPO price for May South increased by RM60 to RM4,500 per tonne.

© New Straits Times Press (M) Bhd

المصدر: New Straits Times