CPO Futures to Face Selling Pressure

Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is

likely to trade lower on selling pressure next week, dealers said.

“The latest March export figures, to be announced by Intertek

Testing Services and Societe Generale de Surveillance on Thursday, may

also weigh on prices,” dealers said.

Meanwhile, Jim Teh, Senior Trader, Interband Group of Companies said

crude palm oil prices are expected to trade between RM3,000 and RM3,200

per tonne next week.

“We hope with this price range, buyers will emerge, so that stocks can be shifted as exports are still low,” he added.

On a Friday-to-Friday basis, April 2011 dropped RM179 to RM3,320 per

tonne, May 2011 and June 2011 went down RM185 each to RM3,288 per tonne

and RM3,261 per tonne, respectively, while July 2011 declined RM176 to

RM3,252 per tonne.

The weekly turnover fell to 148,836 lots, from 152,343 lots,

previously, while open interest declined to 92,541 contracts, from

92,960 contracts, last week.

On the physical market, April South ended RM170 lower at RM3,350 per tonne. — Bernama

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