Kuala Lumpur: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is projected to experience a slight downtrend next week as traders opt for profit-taking following a recent price rally, said palm oil trader David Ng. “We expect the commodity to trade at between RM4,380 and RM4,600 (per tonne),” he noted.

According to BERNAMA News Agency, Interband Group of Companies senior palm oil trader Jim Teh mentioned that both Malaysia and Indonesia continue to have sufficient palm oil stocks, with no current signs of a shortage. “As usual, demand will come from China, India, Pakistan, the Middle Eastern countries, the European Union, and the United States,” he added.

The Malaysian Palm Oil Board is set to release its data for January 2025 on Monday, February 10. On a Friday-to-Friday basis, the February 2025 spot-month contract increased by RM229 to RM4,781 per tonne. The March 2025 contract saw an increase of RM197 to RM4,601 per tonne, while April 2025 and May 2025 both climbed RM215 to RM4,504 per tonne. The June 2025 contract improved by RM180 to RM4,320 per tonne, and the July 2025 contract advanced RM160 to RM4,261 per tonne.

Weekly trading volume saw a significant rise to 375,637 lots from 162,072 lots the previous week, and open interest expanded to 227,401 contracts from 219,710 contracts. The physical CPO price for February South increased by RM170 to RM4,820 per tonne.