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MARKET • 11/07/2026 10:45 AM

CPO Futures Seen Trading With Bearish Bias Next Week Amid Weak External Cues

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, July 11 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade with a bearish bias next week as weaker soybean oil and crude oil prices continue to weigh on market sentiment.

Iceberg X Sdn Bhd proprietary trader David Ng said sentiment is likely to remain subdued following the recent decline in soybean oil and crude oil prices.

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"We expect prices to trade between RM4,450 and RM4,600 per tonne next week," he told Bernama.

For the week just ended, CPO futures traded mixed as investors weighed movements in crude oil and soybean oil prices, Indonesia's B50 biodiesel programme, geopolitical tensions in West Asia and the Malaysian Palm Oil Board's (MPOB) June 2026 data.

MPOB reported on Friday that Malaysia's palm oil stockpiles rose 4.78 per cent, or 116,123 tonnes, to 2.54 million tonnes in June from 2.43 million tonnes in May. Crude palm oil stocks increased 3.75 per cent, or 48,153 tonnes, to 1.33 million tonnes, while CPO production rose 8.08 per cent, or 122,450 tonnes, to 1.64 million tonnes.

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Palm oil exports increased 6.19 per cent to 1.20 million tonnes in June from 1.13 million tonnes in May, while palm kernel oil exports fell 2.64 per cent to 83,712 tonnes. Palm kernel output rose 8.16 per cent to 381,480 tonnes from 352,697 tonnes.

Meanwhile, Indonesia officially launched its mandatory B50 biodiesel programme on Thursday. The government expects the initiative to raise annual domestic CPO demand to between 16.3 million and 17 million tonnes from 15.2 million tonnes, while eliminating diesel imports for the first time.

On a Friday-to-Friday basis, the July 2026 contract rose RM16 to RM4,455 per tonne, the August 2026 contract gained RM18 to RM4,476 per tonne, the September 2026 contract added RM33 to RM4,513 per tonne, the October 2026 contract advanced RM42 to RM4,547 per tonne, the November 2026 contract climbed RM49 to RM4,582 per tonne, and the December 2026 contract increased RM53 to RM4,612 per tonne.

Weekly trading volume rose to 431,847 lots from 314,563 lots a week earlier, while open interest slipped to 286,062 contracts from 289,382 previously.

The physical CPO price for July South rose RM20 to RM4,490 per tonne.

-- BERNAMA

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