CPO futures contract expected to stay firm next week


KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to remain steady next week on better demand, said palm oil trader David Ng.

He told Bernama that next week's trading was expected to kick off on a firm note with support coming from expectations that the country's exports will increase, keeping the market's positive sentiment intact.

He said the palm oil prices would continue to move upwards to mirror the trend of soybean oil futures.

For the week just ended, the market was traded mostly higher on stronger demand due to better crude oil prices and the expectation of higher export due to resumption of India’s import of Malaysia’s CPO.

The local CPO futures market was closed on May 25-26, 2020 for Hari Raya Aidilfitri celebration.

On a Friday-to-Friday basis, the CPO futures contract for June 2020 improved RM133 to RM2,373 per tonne, July 2020 increased RM132 to RM2,321 per tonne, August 2020 gained RM125 to RM2,292 per tonne and September 2020 rose RM114 to RM2,289 per tonne.

Weekly turnover fell to 154,634 lots from last Friday’s 240,413 lots while open interest decreased to 250,651 contracts from 262,459 contracts.

On the physical market, the CPO price for June South was RM111 higher at RM2,302 per tonne. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Crude Palm Oil , CPO , David Ng , Aidilfitri , Crude Oil

   

Next In Aseanplus News

Philippines cuts rice tariff, revises pork duty to ensure supply
Thailand: Foreigners in Bangkok can register for Covid jabs in August, says BMA
Vietnamese actress Phuong wins big at international film festivals
Malaysia, Indonesia and Brunei condemn Israeli violence against Palestine
Boeing must inspect older 737 jets after Indonesia crash, says FAA
At least seven dead in Indonesia boat selfie accident
Health DG: Ivermectin will not be used to treat Covid-19, no evidence of efficacy
Cambodia: Six months required for Covid-19 survivors who want to get vaccinated
Covid-19 to be ‘far more deadly’ this year, WHO warns
Construction of all communication towers along China-Laos railway completed

Stories You'll Enjoy


Vouchers