Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to trade within a narrow range next week due to the uncertainties in the eurozone, a dealer said.
She expected the prices for the futures contracts to be similar to those recorded during the week just-ended.
“The futures market is expected to stage similar performance unless there is an improvement from the external markets,” she said.
According to her, the external markets, including the soyaoil and soyabean markets, would be affected by the uncertainties in the eurozone.
Senior palm oil trader with Interband Group of Companies, Jim Teh, said the futures contracts were expected to be traded between RM2,900 and RM3,000 a tonne next week.
For the week just-ended, December 2011 lost RM190 to RM3,070, January 2012 fell RM193 to RM3,067, February 2012 decreased RM179 to RM3,069 while March 2012 dropped RM180 to RM3,065 per tonne.
Volume for the week fell to 157,681 lots from 195,881 lots last week.
Open interest increased to 128,622 contracts from 126,659 last Friday.
November South contract fell RM160 to RM3,100 from RM3,260 last week. — Bernama
Source: Business Times