KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives will likely trade on a weaker trend next week tracking the cautious global market sentiment and following the holiday shortened-week, said a trader.
Palm oil trader David Ng said the lower crude oil prices on Friday would also influence the commodity to drop further.
"We expect an easier movement for next week, as traders take cues from global markets,” he told Bernama.
Reports that China has announced moves to tighten its policy control over Hong Kong prompted a sharp sell-off in global markets and could heighten the US-China tensions.
"CPO prices would likely trade between the RM2,120 support level and RM2,250 resistance level,” Ng said.
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