KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade in a cautious mode next week as traders are expected to remain on the sidelines due to concerns over the stock level, a dealer said.
Interband Group of Companies senior palm oil trader Jim Teh said traders would be watching closely the announcement on the palm oil stock level for May, which is scheduled to be released on June 10.
"The stockpile (level) was expected to be high in May, while demand was expected to lower due to the post Hari Raya holiday. Demand from Pakistan and India was also expected to reduce,” he told Bernama.
He said the commodity price would range between RM2,200-RM2,300 per tonne next week.
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