CPO Futures Likely to See Slight Uptrend

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to see a slight uptrend next week,

dealers said.

They said the support level was expected to be at RM3,000 and resistance at RM3,100.

CPO prices hovered around RM3,070 per tonne for the week just-ended.

On Friday-to-Friday basis, November 2010 rose RM28 to RM3,040 per

tonne, December 2010 added RM53 to RM3,058, January 2011 increased RM56

to RM3,061 and February 2011 gained RM59 to RM3,061.

Turnover for the week rose to 88,436 lots from 87,038 lots last week.

Open interest rose to 70,234 contracts from 70,127 contracts previously.

On the physical market, October South rose to RM3,070 per tonne on Friday from RM3,020 previously. — Bernama

Source : Business Times

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