CPO futures likely to trade range-bound next week ahead of MPOB data
15/04/2024 (New Straits Times), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade range-bound with an upward bias next week ahead of the release of the palm oil industry data for March 2024, said a dealer.
The palm oil export and production data from the Malaysian Palm Oil Board (MPOB), is scheduled to be released on April 15.
Palm oil trader David Ng said the data would provide traders and investors with a better picture of the country's stock position and determine their next move in the market. "Hence, we expect the market to trade between RM4,250 and RM4,400 a tonne next week," he told Bernama.
On a weekly basis, the spot month April 2024 contract fell RM66 to RM4,498 a tonne, May 2024 slipped RM52 to RM4,371, June 2024 decreased by RM61 to RM4,282 and July 2024 went down by RM63 to RM4,210 a tonne.
The August 2024 note depreciated by RM59 to RM4,139 a tonne and September 2024 slid RM52 to RM4,082 a tonne.
The total weekly volume declined to 200,435 lots from 418,684 lots in the previous week, while open interest went down to 267,644 contracts from 268,274 contracts a week before.
The physical CPO price for April South fell RM60 to RM4,510 a tonne from the previous week's RM4,570. – Bernama