Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives is expected to be easier next week on continued profit taking activities.
Interband Group senior palm oil trader Jim Teh said the sharp gains recorded in recent weeks was an excuse for traders to take profits.
“For next week, the commodity ia expected to be traded between RM2,200 and RM2,300 per tonne amid weak demand overseas,” he told Bernama.
Market sentiment dampened after the US Federal Reserve said it would likely slow its bond-buying programme this year.
On a Friday-to-Friday basis, July 2013 slipped RM5 to RM2,431 a tonne, August 2013 rose RM7 to RM2,446 a tonne but September 2013 and October increased RM3 each to RM2,439 and RM2,433 per tonne, respectively.
Weekly turnover decreased to 112,972 lots from 120,904 lots last week while open interest rose to 198,383 contracts from 195,711 contracts previously.
On the physical market, July South declined RM10 to RM2,440 a tonne.– Bernama
Source : Business Times