CPO Futures Likely To Trade In Cautious Mode Next Week

KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in cautious mode next week. Palm oil dealer David Ng said the CPO futures prices are anticipated to trade on a downward bias between RM3,600 and RM3,750 a tonne, in tandem with the bearish soybean oil market. "The oversupply situation in the soybean market is weighing down on prices, mainly due to record planting in South America," he told Bernama. On a Friday-to-Friday basis, new spot month September 2024 increased RM45 to RM3,872 a tonne, October 2024 inched up RM6 to RM3,752 a tonne, while November 2024 dipped RM42 to RM3,681 a tonne. December 2024 declined RM58 to RM3,659 a tonne, January 2025 dropped RM73 to RM3,653 a tonne, while new month February 2025 stood at RM3,655 a tonne. The August 2024 contract ended on Thursday at RM3,890 a tonne. The total weekly volume tumbled to 312,466 lots from 427,161 in the previous week, while open interest dropped to 225,277 contracts from 278,122 a week e arlier. The physical CPO price for August South rose by RM20 to RM3,920 a tonne on Friday from RM3,900 at the end of the previous week. Source: BERNAMA News Agency