KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with an upward bias next week, a vendor stated.
However, the CPO market will witness profit-taking actions due to the current value rally, palm oil dealer David Ng advised Bernama.
Hence, he projected the commodity would trade between RM5,500 and RM5,750 per tonne next week.
Meanwhile, Interband Group of Companies senior palm oil dealer Jim Teh stated the CPO futures contract was expected to trade in a cautious mode as merchants returned from the Lunar New Year holidays.
He stated CPO costs would possible hover between RM5,200 and RM5,300 per tonne.
CPO was traded for less than three days throughout this holiday-shortened week, as Bursa Malaysia and its subsidiaries had been closed from Feb 1 to Feb 2 for the Chinese New Year celebrations.
For the week, CPO futures had been largely decrease primarily due to profit-taking actions and stress following weak exports.
On a Friday-to-Friday foundation, February 2022 fell RM24 to RM5,779 a tonne, March 2022 dropped RM41 to RM5,749 a tonne, and April 2022 eased RM11 to RM5,617 a tonne.
Meanwhile, May 2022 and June 2022 added RM2 to RM5,443 a tonne and RM5,268 a tonne, respectively, and July 2022 inched up RM1 to RM5,107 a tonne.
Weekly quantity shrank to 109,885 tons from 324,049 tons final week, whereas open curiosity narrowed to 254,448 contracts from 281,952 contracts beforehand.
The bodily CPO value for February South rose RM50 to RM5,850 a tonne. – Bernama
