CPO futures to trade in profit-taking mode next week

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade in a profit-taking mode of between RM2,020 and RM2,080 per tonne next week, said a dealer. Interband Group of Companies senior trader Jim Teh said market sentiment was affected by US-China trade war and last week’s attacks on Saudi Arabian oil facilities.

"The market will be trading in a profit-taking mode next week,” he told Bernama. However, Teh said the country’s CPO stockpile has been reduced to 2.2 million tonnes, and production figures for September 2019 and October 2019 are promising, which could lead to better CPO prices.