Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are expected to trade with a downward bias this week, given the country’s large stockpile, says palm oil trader David Ng.
He forecast CPO prices would trade between RM3,400 and RM4,000 per tonne.
A Malaysian Palm Oil Board report on Tuesday revealed that CPO stocks for September 2022 rose 24.76% to 1.28 million tonnes from 1.03 million tonnes recorded in the previous month.
Source: The Star
