Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is
likely to trade lower on selling pressure next week, dealers said.
“The latest March export figures, to be announced by Intertek
Testing Services and Societe Generale de Surveillance on Thursday, may
also weigh on prices,” dealers said.
Meanwhile, Jim Teh, Senior Trader, Interband Group of Companies said
crude palm oil prices are expected to trade between RM3,000 and RM3,200
per tonne next week.
“We hope with this price range, buyers will emerge, so that stocks can be shifted as exports are still low,” he added.
On a Friday-to-Friday basis, April 2011 dropped RM179 to RM3,320 per
tonne, May 2011 and June 2011 went down RM185 each to RM3,288 per tonne
and RM3,261 per tonne, respectively, while July 2011 declined RM176 to
RM3,252 per tonne.
The weekly turnover fell to 148,836 lots, from 152,343 lots,
previously, while open interest declined to 92,541 contracts, from
92,960 contracts, last week.
On the physical market, April South ended RM170 lower at RM3,350 per tonne. — Bernama