MARKET DEVELOPMENT
CPO Futures To Trade Cautiously Next Week
CPO Futures To Trade Cautiously Next Week
03/01/2017 (Bernama) - Crude palm oil (CPO) futures contracts are expected to see cautious trading next week with a range price of between RM2,300 to RM2,400 a tonne, said Interband Group Senior Palm Oil Trader, Jim Teh.
"The CPO price is at a satisfactory level, which is above the RM2,000, despite the holiday mood where traders are absent from the market and the heavy CPO stock inventories in Malaysia and Indonesia," he told Bernama
However, the CPO prices may ease throughout next week in view of the expectation of a bearish outlook over demand.
For the holiday-shortened week, the CPO futures contracts were traded mostly higher.
On a weekly basis, January 2016 gained RM104 to RM2,398 per tonne, February 2016 eased RM7 to RM2,414 per tonne, March 2016 fell RM2 to RM2,485 per tonne and April 2016 dipped RM7 to RM2,527 per tonne.
Weekly turnover increased to 132,634 lots from last Wednesday's 98,486 lots while open interest rose to 229,915 contracts from 218,043 contracts previously.
On the physical market, January South increased RM110 to RM2,400 per tonne.
"The CPO price is at a satisfactory level, which is above the RM2,000, despite the holiday mood where traders are absent from the market and the heavy CPO stock inventories in Malaysia and Indonesia," he told Bernama
However, the CPO prices may ease throughout next week in view of the expectation of a bearish outlook over demand.
For the holiday-shortened week, the CPO futures contracts were traded mostly higher.
On a weekly basis, January 2016 gained RM104 to RM2,398 per tonne, February 2016 eased RM7 to RM2,414 per tonne, March 2016 fell RM2 to RM2,485 per tonne and April 2016 dipped RM7 to RM2,527 per tonne.
Weekly turnover increased to 132,634 lots from last Wednesday's 98,486 lots while open interest rose to 229,915 contracts from 218,043 contracts previously.
On the physical market, January South increased RM110 to RM2,400 per tonne.