CPO futures likely to experience technical correction next week

Looking up: Loose oil palm being collected at a plantation. The planter would be banking on higher average selling prices of its palm products and production to ensure earnings sustainability for FY21.

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to undergo a technical correction next week as demand takes a hit based on supply and demand estimates.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said concerns on rising COVID-19 cases in the country would also impact the CPO market.