CPO futures likely to trend higher next week

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trend higher next week boosted by stronger soybean oil prices.
"Local CPO is expected to trade within the range of RM3,600 and resistance at RM3,850 next week," palm oil trader David Ng told Bernama.
Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said April 1-20 exports would be higher but at a slower pace of increase.
"New benchmark month, July 2021, stayed at above 100 points most of the day, locking in 120 points to end at RM3,710 per tonne.
"Front-month May 2021 closed at RM4,186 or RM476 premium over the third month, reflecting the poor supply situation for the nearby crop month as exports tick higher," he said.

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