Palm Futures to See Rangebound Trade

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected

to trade rangebound next week with market sentiment remaining uncertain,

dealers said.

They said prices are expected to consolidate further after the

recent sharp decline.

“CPO prices are likely to trade between RM2,400 per tonne and

RM2,500 per tonne next week,” a dealer said.

He said the market would also continue to track the movements of the

crude oil and soyaoil prices.

The CPO futures market will be closed on Monday due to the Federal

Territory Day celebration.

On a Friday-to-Friday basis, February 2010 edged up RM1 to RM2,450

per tonne while March 2010 declined RM11 to RM2,445 per tonne.

April 2010 lost RM10 to RM2,445 per tonne and May 2010 fell RM11 to

RM2,441 per tonne.

The week’s turnover declined to 85,667 lots from 97,631 lots last

Friday while open interest increased to 75,930 contracts from 75,539

contracts previously.

On the physical market, February South stood at RM2,470 per tonne.


Source : Business Times

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