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CPO futures likely on uptrend next week

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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade higher next week, ranging between RM2,350 and RM2,500 per tonne, on better market outlook amid lower stockpiles.

Independent trader David Ng said the positive trade data for June 2020 released by the Malaysian Palm Oil Board , coupled with the anticipation of better figures for the first 10 days of July, would boost demand for the golden fruit next week."For next week, the market will trade with an upward bias on prospects of stronger exports and expectation of lower stocks for July 1-10," he told Bernama.

The CPO inventory increased 3.56 per cent m-o-m to 1.03 million tonnes during the month under review, but production rose 14.19 per cent m-o-m to 1.89 million tonnes from 1.65 million tonnes previously. For the week just ended, CPO was traded in a volatile market, tracking the performance of its rival soyabean, crude oil prices, the ringgit’s movement against the US dollar, and trade data.

 

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