Rangebound Trading Likely for CPO

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade rangebound next week, ahead of the Malaysian Palm Oil Board (MPOB) export report, dealers said.

CPO prices ended the week on an easier note after a week of gains as investors cashed in ahead of the weekend, they said.

However, the upcoming festive seasons are expected to keep sentiment up on the back of lower production, they added.

On a Friday-to-Friday basis, August 2009 rose RM122 to RM2,500 per tonne, September 2009 increased RM107 to RM2,461 per tonne, October 2009 added RM101 to RM2,441 per tonne and November 2009 gained RM102 to RM2,437 per tonne.

Total weekly turnover increased to 101,444 lots from 78,598 lots last week and open interest rose to 82,472 contracts from 78,807 contracts previously.

On the physical palm oil market, August South stood at RM2,500 per tonne. — Bernama

Source : Business Times

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