KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to experience technical correction next week with high supply in the market weighing on prices.
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Wednesday on continued concerns over weaker demand following the lifting of Indonesia’s CPO export ban. Palm oil trader David Ng said the world’s biggest producer of palm oil continued to export CPO aggressively, which was seen as putting pressure on Malaysia’s exports.
KUALA LUMPUR (June 13): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Monday (June 13), on concerns over weaker demand following the lifting of Indonesia’s CPO export ban.
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives fell another day to end lower on Friday on concern over weaker exports in the coming weeks, said a dealer. Palm oil trader David Ng said Indonesia continued to export CPO aggressively in the market, which was seen as putting pressure on Malaysia’s exports. “Hence, we locate support at RM5,600 a tonne and resistance at RM6,400 a tonne,” he told Bernama.
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower for the second consecutive day on Thursday in tandem with the weakness in the soybean oil market on the Dalian Commodity Exchange. Palm oil trader David Ng said the market has also projected a weaker demand prospect going forward with the lifting of Indonesia’s CPO export ban.