,KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is poised for a technical correction next week following the uncertain price movement this week, dealers said.Interband Group of Companies senior palm oil trader Jim Teh said the price was expected to hover between RM4,100 and RM4,200 per tonne with more physical buyers anticipated next week.He said demand was projected to increase next week, which would reduce the stocks level."Besides physical buyers, the market pattern next week will also be influenced by paper trading," he told Bernama.Meanwhile, Singapore-based Palm Oil Analytics owner and co-founder Sathia Varqa said CPO trading would be focused on production and cue from soybean oil on the US Chicago Board of Trade next week."The launch of the East Malaysia Crude Palm Oil Futures (FEPO) contract by Bursa Malaysia will make news."Malaysian September supply and distribution estimates will also be out,” he said.Yesterday, local CPO futures gave up 70 per cent of the gains from Thursday’s close -- when the benchmark December 2021 contract reached an all-time high at RM4,595 a tonne -- due to profit taking."Markets will closely monitor the production data from the Malaysian Palm Oil Association,” he added.For the week just ended, Malaysian CPO futures finished mostly higher, driven by concerns over weak production and expectation of strong demand in upcoming weeks.On a Friday-to-Friday basis, October 2021 increased RM86 to RM4,751 a tonne, November 2021 gained RM74 to RM4,618 a tonne, and December 2021 was RM64 higher at RM4,505 a tonne.January 2022 advanced RM75 to RM4,414 a tonne, February 2022 rose RM94 to RM4,329 a tonne, and March 2022 gained RM109 to RM4,227 a tonne.Weekly volume improved to 273,151 lots from 263,245 lots in the previous trading week, while open interest increased to 231,147 contracts from 225,955 contracts previously.The physical CPO price for October South added RM110 to RM4,780 a tonne. - Bernama
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