KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade sideways next week on lack of market catalysts.
A palm oil trader David Ng said most investors would likely be away preparing for the Hari Raya Aidilfitri celebration and awaiting Malaysian Palm Oil Board (MPOB) data due on May 10. The rising of COVID-19 cases in India may also affected the palm oil demand from the country, he told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa projected the CPO market will be trading based on April s full month supply and demand estimate.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trend higher next week boosted by stronger soybean oil prices. Local CPO is expected to trade within the range of RM3,600 and resistance at RM3,850 next week, palm oil trader David Ng told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said April 1-20 exports would be higher but at a slower pace of increase. New benchmark month, July 2021, stayed at above 100 points most of the day, locking in 120 points to end at RM3,710 per tonne. Front-month May 2021 closed at RM4,186 or RM476 premium over the third month, reflecting the poor supply situation for the nearby crop month as exports tick higher, he said.
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to continue trading in range bound mode next week as the market is lacking movement catalysts, a dealer said.
COMMODITIES which had a good run in 2020, thanks to the Covid-19 pandemic that spurred demand for everything from precious metals such as gold and silver to agricultural products like crude palm oil (CPO) and wheat are expected to continue seeing an upward trend in prices this year. “Bonds are in a bubble worldwide. Stocks in many countries are beginning to form bubbles. Properties in many cities are in a bubble. Commodities are still the cheapest asset class,” commodities guru Jim Rogers says in an email response to The Edge.
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives rebounded to close higher, backed by stronger soya bean oil prices on the US Chicago Board of Trade. Palm oil trader David Ng told Bernama that the trading price was expected to find support at RM3,500 per tonne and resistance at RM3,700 per tonne