CPO futures likely to trade higher next week


KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade higher next week owing to bargain-hunting activities, a dealer said.

Palm oil trader David Ng said expectation of a weak output would keep negative sentiment at bay.

"We expect CPO to hover between RM4,550 a tonne and RM4,850 per tonne,” he told Bernama.

Yesterday, cargo surveyor Societe Generale de Surveillance reported that Malaysian palm oil export products for November rose 13.8 per cent to 1.68 million tonnes from 1.48 million tonnes shipped the previous month.

For the week just ended, Malaysian CPO futures finished mostly lower, tracking weakness in the soybean oil market on the Chicago Board of Trade (CBOT).

On a Friday-to-Thursday basis, December 2021 decreased RM94 to RM5,175 a tonne, January 2022 dipped RM115 to RM4,922 a tonne, February 2022 slipped RM199 to RM4,650 a tonne, and March 2022 fell RM256 to RM4,431 a tonne.

Meanwhile, April 2022 fell RM293 to RM4,247 a tonne and May 2022 dropped RM308 to RM4,104 a tonne.

Weekly volume rose to 283,756 lots from 243,663 lots in last week, while open interest widened to 250,920 contracts from 238,648 contracts previously.

The physical CPO price for December South slid RM70 to RM5,180 a tonne.

The market was closed yesterday for a public holiday in the Federal Territories of Kuala Lumpur, Putrajaya and Labuan, and will resume operations on Monday, Dec 6. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Palm oil , CPO , David Ng , Covid-19

   

Next In Business News

China property shares, bonds rally on hopes govt measures will aid liquidity
Solarvest inks MoU with QBE Malaysia, Anora to offer solar investment insurance
Shipping delays cause duty-free goods shortage in Labuan
Financial counters continue to weigh on FBM KLCI
HSBC Malaysia launches multi-currency digital wallet for SMEs
Coraza surges on ACE Market debut to 70 sen a share
Hap Seng issues first tranche of sustainability-linked bonds
Ringgit rebounds ahead of Bank Negara monetary policy meeting
Bumi Armada ice class vessels sale to improve recurring earnings
Bursa extends sell-off as sentiment remains wobbly over US rate hikes

Others Also Read


Vouchers