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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to experience a technical correction after a strong rally recently. Yesterday, the CPO futures rallied above RM4,200 a tonne for the October benchmark contract, the highest level in two months. Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the technical correction would be triggered by weak exports after the hefty gains made this week. Next week’s trading is expected to be in line with Malaysian Palm Oil Association production data,” he told Bernama. Meanwhile, palm oil trader David Ng projected CPO prices to trade between RM4,100 and RM4,350 per tonne as the market search for clues on export performance due from cargo surveyors. ....
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