KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are expected to trade rangebound next week ahead of the release of key crop report by the Malaysian Palm Oil Board next week, a dealer said.
Palm oil trader David Ng said CPO prices next week are expected to trade between RM3,650 and RM3,820 per tonne.
"Support is still seen at RM3,650 and resistance at RM3,880,” he added.
On a weekly basis, November 2023 fell RM43 to RM3,632 per tonne, December 2023 decreased RM22 to RM3,717 per tonne and January 2024 and February 2024 eased RM7 each to RM3,768 and RM3,799 per tonne, respectively.
March 2024 slipped RM9 to RM3,805 per tonne and April 2024 decreased RM17 to RM3,796 per tonne.
Total weekly volume went down to 163,201 lots from 298,477 lots in the preceding week while open interest was slightly higher at 215,228 contracts from 212,089 contracts previously.
The physical CPO price for November South fell RM11 to RM3,679 per tonne from RM3,690 per tonne in the previous week. - Bernama
