BERNAMA – 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 MYR3,650 and MYR3,820 per tonne.
“Support is still seen at MYR3,650 and resistance at MYR3,880,” he added.
On a weekly basis, November 2023 fell MYR43 to MYR3,632 per tonne, December 2023 decreased MYR22 to MYR3,717 per tonne and January 2024 and February 2024 eased MYR7 each to MYR3,768 and MYR3,799 per tonne, respectively.
March 2024 slipped MYR9 to MYR3,805 per tonne and April 2024 decreased MYR17 to MYR3,796 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.