CPO Futures to Trade Within Tight Range

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives will

likely trade within a tight range as most market players are already

away for the Chinese New Year holidays, dealers said.

The local market will be closed for three days — Tuesday for

Federal Territory Day and, Thursday and Friday for Chinese New Year.

For the week just-ended, cpo prices started on a positive note before succumbing to profit-taking on Tuesday and Wednesday.

However, prices rebounded on Thursday and closed on a positive note on Friday.

On a Friday-to-Friday basis, Feb dropped RM46 to RM3,765 per tonne,

March lost RM53 to RM3,743, April fell RM48 to RM3,700 and May was RM42

lower at RM3,651.

Total turnover rose to 112,267 lots, from 88,943 lots, last week

while open interest increased to 92,488 contracts, from 87,055

contracts, previously.

On the physical market, Feb South declined RM50 to RM3,760 per tonne on Friday. — Bernama

Source : Business Times

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