Palm Futures Likely to Trade Lower

Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives is likely to trade lower next week in line with the weak performance in other commodity markets, dealers said.

“Buyers will not actively enter the market next week due to the current high prices,” said Jim Teh, Interband Group of Companies’ senior trader.

However, he said that investors would only enter the market if the price exceeded RM3,000 per tonne.

On the futures market this week, January 2012 added RM5 to RM3,175 a tonne, February 2012 was unchanged at RM3175, March 2012 rose RM5 to RM3,175 a tonne but April 2012 shed RM2 to RM3,170 a tonne.

Turnover for the week fell to 68,391 lots, from 99,887 lots, recorded last week while open position rose to 449,888 contracts, from 111,428 contracts, previously.

The market will be closed on Monday in lieu of the New Year falling on Sunday. — Bernama

Source: Business Times

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