Palm Futures to be Rangebound

Crude palm oil futures on Bursa Malaysia Derivatives are likely to be rangebound next week due to uncertainties in the global market, dealers said.

Prices will also move in tandem with that of soya bean oil which is competing for the same export market.

On a Friday-to-Friday basis, July 2010 slipped RM19 to RM2,451 per tonne, August 2010 dropped RM21 to RM2,409 per tonne and Sept decreased RM16 to RM2,384 per tonne.

New contract month, October 2010 stood at RM2,373 a tonne.

The weekly turnover dropped to 61,227 lots from 71,232 lots last week while the open interest stood at 76,131 contracts compared with 78,027 contracts previously.

On the physical market, June South lost RM30 to RM2,480 per tonne. — Bernama

Source : Business Times

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