CPO Futures Mart Still in Sluggish Mode

Crude palm oil futures on Bursa Malaysia Derivatives are expected to see volatile trading next week due to uncertainties in the global market, dealers said.

They said the bearish external markets had weakened sentiments in the local CPO futures market.

“Overall, the market remains in a sluggish mood. A lack of fresh local cues has also prompted the market to rely on soya bean and crude oil movements,” one dealer said.

On a Friday-to-Friday basis, July 2010 fell RM45 to RM2,406 per tonne, August 2010 and October 2010 declined RM51 each to RM2,358 per tonne and RM2,322 per tonne respectively, and September 2010 eased RM49 to RM2,335 per tonne.

The weekly turnover, however, increased to 76,131 lots from 61,227 lots last week while open interest declined to 72,093 contracts from 76,131 contracts previously.

On the physical market, July South stood at RM2,440 per tonne. — Bernama

Source : Business Times

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