CPO Futures Expected To Trade Cautiously Next Week Amid Profit-Taking
By Danni Haizal Danial Donald
KUALA LUMPUR, Oct 24 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade cautiously next week as profit-taking is likely to emerge, despite higher energy prices amid the ongoing tensions in West Asia.
Interband group of companies senior palm oil trader Jim Teh said that Malaysia’s high palm oil inventory of 3.51 million tonnes in September 2026 could also weigh on market sentiment.
“Therefore, CPO prices are expected to trade between RM4,100 and RM4,200 per tonne next week, with some profit-taking likely,” he told Bernama.
Teh noted that physical demand from China and India remained cautious due to prevailing prices, while demand was still expected from Pakistan, Middle Eastern countries, the European Union and the United States.
Similarly, Iceberg X proprietary trader David Ng said CPO futures could see cautious, range-bound trading next week as traders monitor fresh palm export estimates, production prospects and movements in soybean oil and crude oil prices.
“Hence, we see support around RM4,600 per tonne and resistance at RM4,800, with a sustained break above resistance potentially opening further upside,” he added.
On a Friday-to-Friday basis, the November 2026 contract rose RM51 to RM4,587 per tonne, the December 2026 contract increased RM57 to RM4,733 per tonne and the January 2027 contract strengthened by RM49 to RM4,818 per tonne.
Meanwhile, the February and March 2027 contracts each climbed RM50 to RM4,902 and RM4,976 per tonne, respectively, while April 2027 advanced RM48 to RM5,030.
Weekly trading volume slipped to 538,346 lots from 604,284 lots in the preceding week, while open interest grew to 341,116 contracts from 337,867 contracts previously.
The physical CPO price for November South gained RM50 to RM4,550 per tonne.
-- BERNAMA