KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see range-bound trading next week, prompted by speculative play, said Interband Group of Companies Senior Palm Oil Trader, Jim Teh.
He said prices would likely move between RM2,050 and RM2,140 per tonne, which might be attractive to top buyers such as China, India and Pakistan.
"The decline in the Malaysian stockpile and expectations of higher demand for palm oil, is also expected to support the price,” he told Bernama.
On a Friday-to-Friday basis, September 2019 decreased RM7 to RM2,143 per tonne, October 2019 eased RM11 to RM2,168 per tonne, November 2019 fell RM8 to RM2,192 per tonne and December 2019 declined RM3 to RM2,218 per tonne.
Weekly turnover expanded to 232,417 lots from 222,407 lots in the previous week, while open interest was lower at 225,778 contracts from 246,379 contracts previously.
On the physical market, the CPO market for August South rose RM10 to RM2,140 a tonne. - Bernama