Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are forecasted to maintain a bullish trend this week, driven by weaker output and reduced stock levels, according to palm oil trader David Ng.
Ng predicted that CPO prices would range between RM4,580 and RM4,750 per tonne throughout the week.
In a similar vein, Jim Teh, senior palm oil trader at the Interband Group of Companies, projected a quiet trading week ahead, citing the holiday-shortened period with most international traders away for the year-end and Christmas break. He anticipated that CPO futures would trade between RM4,400 and RM4,500 per tonne.
On a week-to-week basis, the spot-month January 2025 contract climbed RM213 to close at RM4,975 per tonne. February 2025 rose RM210 to RM4,781 per tonne, while March 2025 advanced RM191 to end at RM4,624 per tonne.
For later contracts, April 2025 gained RM156 to RM4,459 per tonne, May 2025 increased by RM124 to RM4,331 per tonne, and June 2025 saw an improvement of RM112 to settle at RM4,253 per tonne.
However, trading activity slowed overall, with total weekly volume shrinking to 194,976 lots compared to 582,992 lots in the previous week. Open interest also declined slightly, dropping to 242,999 contracts as of Last Friday, down from 244,206 contracts the week before.
The physical CPO price for January South surged RM150 to reach RM5,050 per tonne.
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