24/10/2011 (Borneo Post) - Commodity prices turned up on Friday on optimism that European Union is planning to fight debt crisis.

WTI Crude prices consolidated from 84.25 to 90.00 ranges last week.

In the coming week, we expect the trend to stay in this band while the market continues to persist in consolidating phase.

We are biased to hunt for short trades from top regions in the coming week unless the market breaks and settles above 90.00 benchmarks.

Gold prices reversed on Friday after falling for first four days of the week. The market traded in the range from top 1,694.70 and slid to 1,603.60 while it pulled up to 1,650 regions on Friday.

This week, we reckon the trend will consolidate from 1,610.00 to 1,675.00 levels in multiple swings.

Traders are advised to be cautious and abandon long-view if the market penetrates beneath 1,600.00 again.

Crude Palm Oil (CPO) Futures on Bursa Derivatives closed lower on last Friday mainly due to the gloomy economy outlook worldwide and uncertain Europe’s debt crisis.

The November contract expired on Friday at 2,881.

December month closed 2,886 while the roll-over January month ended at 2,883.

This week, we maintain sideways view inside the range from 2,800 and 2,950 regions.

In our opinion, the market patterns are still bearish and we prefer to hunt for short entries from the top levels.