26/12/2024 (Bernama), Kuala Lumpur - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with a bullish bias next week due to weaker output and lower stock levels, according to palm oil David Ng.

Speaking to Bernama, he projected that CPO would trade between RM4,580 and RM4,750 per tonne during that period.

Meanwhile, Interband Group of Companies senior palm oil trader Jin Teh said the market is expected to remain quiet due to a holiday shortened week ahead, with most international traders gone on year-end and Christmas holiday leave.

He said CPO futures are likely to trade at between RM4,400 and RM4,500 per tonne.

Palm oil dealer David Ng said demand tends to be weaker towards the end of the year based on seasonal patterns.

On a Friday-to-Friday basis, the spot-month January 2025 contract rose by RM213 to RM 4,975 per tonne, February 2025 jumped RM210 to RM4,781 per tonne, and March 2025 added RM191 to RM4,624 per tonne.

The April 2025 contract was down RM156 to RM 4,459 per tonne, while May 2025 gained RM124 to RM4,331 per tonne, and June 2025 improved RM112 to RM4,253 per tonne.

Total weekly volume shrank to 194,976 lots from 582,992 lots in the preceding week, while open interest fell to 242,999 contracts on Friday from 244,206 contracts a week earlier.

The physical CPO price for January South was increased by RM150 to RM5,050 per tonne.

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