Palm oil to undergo correction, trade tight range next week

palm oil Boustead

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to go through correction next week, but will be well supported at between RM2,350 and RM2,400 per tonne for the CPO benchmark month.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said after data estimates showed a solid rise in exports in October, attention will now be on the supply side and the subsequent impact on end-month stockpiles.