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ios developer account:CPO futures likely on uptrend next week

appleaccounts2020-07-1263

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade higher next week, ranging between RM2,350 and RM2,500 per tonne, on better market outlook amid lower stockpiles. Independent trader David Ng said the positive trade data for June 2020 released by the Malaysian Palm Oil Board (MPOB), coupled with the anticipation of better figures for the first 10 days of July, would boost demand for the golden fruit next week. "The overall report (by MPOB) is positive, with lower stockpiles and higher exports reported. "For next week, the market will trade with an upward bias on prospects of stronger exports and expectation of lower stocks for July 1-10," he told Bernama. On Friday, the Malaysian Palm Oil Board (MPOB) announced that total palm oil stock has decreased by 6.33 per cent month-on-month (m-o-m) to 1.9 million tonnes in June 2020, from 2.03 million tonnes recorded in May 2020. The CPO inventory increased 3.56 per cent m-o-m to 1.03 million tonnes during the month under review, but production rose 14.19 per cent m-o-m to 1.89 million tonnes from 1.65 million tonnes previously. In a statement today, the industrial regulator said palm oil exports rose 24.91 per cent m-o-m in June 2020 to 1.71 million tonnes from 1.37 million tonnes previously. For the week just ended, CPO was traded in a volatile market, tracking the performance of its rival soyabean, crude oil prices, the ringgit,

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