KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see quiet trading next week with the price hovers between RM1,900 and RM2,000 per tonne.
Interband Group of Companies senior trader Jim Teh said the market might also see active profit-taking activities ahead of the Hari Raya holidays.
"Market basically may see profit-taking activities because of the shortened trading week.
"Furthermore, a lot of local and international palm oil traders are likely away on holidays," he told Bernama.
The market will be closed for two days for the Hari Raya Aidilfitri celebration, expected to begin Wednesday.
For the week just ended, the market was mostly higher on exports outlook optimism with the Malaysian Palm Oil Board (MPOB) is scheduled to release the May industry performance report on June 12.
On a Friday-to-Friday basis, June 2019 and September 2019 added RM54 each to RM2,030 and RM2,083 a tonne, respectively.
Meanwhile, July 2019 increased RM50 to RM2,054 a tonne and August 2019 up RM56 to RM2,069 a tonne,
Weekly turnover improved to 146,737 lots from 115,519 lots in the previous week, while open interest eased to 243,749 contracts from 257,707 contracts.
On the physical market, June South was higher at RM2,030 a tonne from RM1,990 a tonne previously. - Bernama
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