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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trend lower next week on anticipation of higher production.
"Local CPO is expected to trade within the range of RM3,600 to RM3,800 next week with a downward bias, as rising production anticipation continues to weigh on the prices,” palm oil trader David Ng told Bernama.
Data released by the Southern Peninsula Palm Oil Millers’ Association on Thursday showed that palm oil production for March increased 39 per cent from that in the previous month, and market players have been projecting the output to continue rising in the following weeks.
For the week just ended, Malaysia’s CPO market was traded mostly higher, tracking the stronger performance of soybean oil prices and supported by firmer palm oil products export for March.
According to statistics released by cargo surveyor Intertek Testing Services on Wednesday, Malaysia’s palm oil products export stood at 1.27 million tonnes last month, up 26.82 per cent from 1.0 million tonnes in February.
On a Friday-to-Friday basis, CPO futures contracts for April 2021 surged RM122 to RM4,147 per tonne, May 2021 increased RM83 to RM3,947 per tonne, June 2021 rose RM45 to RM3,737 per tonne, and July 2021 was RM10 higher at RM3,573 per tonne.
Weekly volume fell to 323,794 lots from 327,332 lots the previous week, while open interest declined to 232,463 contracts from 268,778 contracts a week earlier.
The physical CPO price for April South jumped RM110 to RM4,160 per tonne from RM4,050 per tonne on Friday last week. - Bernama