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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend lower next week on profit-taking activities.
Interband Group of Companies senior palm oil trader Jim Teh said CPO prices were forecast to hover between RM3,700 and RM4,000 per tonne on fears of a global recession.
"Inflation in the United States, geopolitical tensions in Ukraine and lockdown in China will also influence CPO prices," he told Bernama.
Palm oil trader David Ng also projected CPO prices to trade downside given the lacklustre exports and concern over rising output.
He located support at RM4,500 a tonne and resistance at RM5,100 a tonne.
However, Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa opined the CPO market could see some price recovery next week with production rise not being as strong as expected.
He said that according to Southern Peninsula Palm Oil Millers’ Association (SPPOMA) data, June production rose 3.89 per cent.
For the week just ended, Malaysian CPO futures were mostly higher, influenced by soybean oil’s gains on the Chicago Board of Trade and strength on the Dalian Commodity Exchange.
On a Friday-to-Friday basis, spot month July 2022 improved RM88 to RM4,886 a tonne, August 2022 increased RM74 to RM4,776 a tonne, benchmark September 2022 was RM44 higher at RM4,708 a tonne, October 2022 rose RM23 to RM4,691 a tonne, November 2022 climbed RM19 to RM4,701 a tonne, and December 2022 edged up RM9 to RM4,720 a tonne.
Total volume shrank to 318,743 lots from 438,658 lots in the previous week, while open interest narrowed to 207,785 contracts from 215,808 contracts previously.
The physical CPO price for July South inched up RM10 to RM5,000 a tonne. - Bernama