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KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is projected to extend its uptrend next week after a three-day winning streak on optimism over the outlook for oil and vegetable oils.

Palm oil trader David Ng expects futures prices to move between RM3,700 and RM4,500 per tonne next week.

Market sentiment was lifted by the current heat wave in the United States (US), which had affected soybean output.

It was reported that the heat wave in the Pacific Northwest is expected to last longer than initially predicted with a higher chance for the US Department of Agriculture to end up cutting 2022 soybean yield forecasts.

This, in turn, may support the demand for CPO, a cheaper oil compared to soybean oil.

However, Ng reckons that the market may see some pressure from Indonesia's palm oil supply glut.

Indonesia is trying to clear their high stock by waiving its export levy effective July 15 to Aug 31.

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Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said that with the expected bearish July supply and demand estimates to be released next week, prices may fall from the highs recorded on Friday.

The CPO futures rose to a three-week high yesterday amid rising prices of oil and competing soyabean and rapeseed oils boosted demand.

For the trading week just ended, Malaysian CPO futures were mostly higher.

On a Friday-to-Friday basis, spot month August 2022 jumped RM323 to RM4,030 a tonne, September 2022 was RM258 higher at RM3,959 a tonne and October 2022 was up RM237 to RM3,957 a tonne.

November 2022 and December 2022 increased RM228 to RM3,979 a tonne and RM4,028 a tonne respectively, while January 2023 added RM239 to RM4,089 per tonne.

Total volume, however, decreased to 295,872 lots from 360,695 lots in the previous week, while open interest narrowed to 215,234 contracts from 264,060 contracts previously.

The physical CPO price for August South rose sharply by RM600 to RM4,400 a tonne. - Bernama