KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to continue a positive momentum next week driven by expectations of higher demand.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said CPO futures was riding at the back of firm soybean oil and palm olein on the Dalian Exchange.
"Soybean oil jumped 2.04 per cent and palm olein was up 1.87 per cent in two consecutive days of triple-digit gain on both the commodities.
"This was one of the best weeks for palm with prices rising RM190 or 6.56 per cent within a week, breaking past the RM3,000 level and gunning for RM3,100 per tonne, ” he told Bernama.
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