Palm Futures Set to Trend Firmer

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trend firmer next week on expectation of better export, output and stock data, dealers said.

Players would be waiting for figures for August from the Malaysian Palm Oil Board and data to be issued by cargo surveyors for the first 10 days of September next week, they said.

The external economic environment would also be closely monitored, they added.

This week, the September 2009 contract eased RM152 to RM2,288 while October 2009 fell RM157 to RM2,224, November 2009 dropped RM173 to RM2,197 and December 2009 dipped RM170 to RM2,190 per tonne.

The weekly turnover was lower at 59,647 lots compared with 76,153 lots last week while open interest slipped to 85,989 contracts from 84,990 contracts.

On the physical market, September South ended the week lower at RM2,320 per tonne from RM2,460 per tonne previously. — Bernama Source : Business Times

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