CPO Futures To Trade With Profit-taking Bias Next Week
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Aug 8 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade with a profit-taking bias next week as the war between the United States (US) and Iran appears to be cooling.
Interband Group of Companies senior palm oil trader Jim Teh said the trading range is expected to be between RM4,300 and RM4,400 per tonne.
He said physical demand is expected to come from China, India, Pakistan, the Middle East, the European Union and, to a lesser extent, the US.
“As far as physical stocks are concerned, Malaysia and Indonesia have ample stocks. There is no shortage at the moment,” Teh told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said market participants will be closely watching the Malaysian Palm Oil Board’s (MPOB) July supply and demand data, due on Aug 10, as well as palm oil export data for Aug 1-10.
On a Friday-to-Friday basis, the August 2026 contract fell RM4 to RM4,527 per tonne, while the September 2026 contract inched up RM2 to RM4,606 per tonne and the October 2026 contract gained RM34 to RM4,677 per tonne.
The November 2026 contract rose RM60 to RM4,735 per tonne, December 2026 climbed RM81 to RM4,785 per tonne, and January 2027 jumped RM97 to RM4,829 per tonne.
Weekly trading volume rose to 484,473 lots from 363,441 lots in the preceding week, while open interest declined to 112,427 contracts from 301,947 contracts previously.
The physical CPO price for August South increased RM10 to RM4,540 per tonne.
-- BERNAMA