MARKET DEVELOPMENT
CPO Futures Likely To Trade In Cautious Mode Next Week
CPO Futures Likely To Trade In Cautious Mode Next Week
18/04/2016 (Bernama) - Crude palm oil (CPO) futures prices are likely to trade within a tight range of between RM2,500 and RM2,600 a tonne next week on lack of fresh leads, a dealer said.
Interband Group of Companies senior palm oil trader Jim Teh foresees a speculative play on the market next week in cautious trading as the local currency is expected to strengthen further.
"However, the reduction in stock to about 1.8 million tonnes from 2.5 million tonnes last year should provide little support in helping traders to make decision on the market," he told Bernama.
For the week just-ended, lack of buying interest saw the market remaining subdued.
April 2016 fell RM9 to RM2,638, May 2016 and June 2016 declined RM37 each to RM2,627 a tonne and RM2,643 a tonne, respectively, while July 2016 eased RM29 to RM2,641 a tonne.
Turnover rose to 246,253 lots from last Friday's 187,158 lots while open interest advanced to 323,814 contracts from 285,652 contracts, previously.
On the physical market, April South depreciated RM40 to RM2,630 a tonne.
Interband Group of Companies senior palm oil trader Jim Teh foresees a speculative play on the market next week in cautious trading as the local currency is expected to strengthen further.
"However, the reduction in stock to about 1.8 million tonnes from 2.5 million tonnes last year should provide little support in helping traders to make decision on the market," he told Bernama.
For the week just-ended, lack of buying interest saw the market remaining subdued.
April 2016 fell RM9 to RM2,638, May 2016 and June 2016 declined RM37 each to RM2,627 a tonne and RM2,643 a tonne, respectively, while July 2016 eased RM29 to RM2,641 a tonne.
Turnover rose to 246,253 lots from last Friday's 187,158 lots while open interest advanced to 323,814 contracts from 285,652 contracts, previously.
On the physical market, April South depreciated RM40 to RM2,630 a tonne.