KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade sideways with an upward bias of between RM2,180 and RM2,250 per tonne next week, supported by expectations of lower production and higher exports to China.
Palm oil trader David Ng said market players are widely anticipating weaker production in the coming weeks, judging from Southern Peninsula Palm Oil Millers' Association's (SPPOMA) data which showed local CPO production fell 6.65 per cent for Sept 1-5, 2019 versus the first five days of August 2019.
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