14/11/2011 (The Star) - Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to continue their uptrend this week driven by positive sentiments.

Senior palm oil trader, Interband Group of Companies, Jim Teh, said the prices were excellent amid shortage of supply due to the raining season.

“Trading is expected to be positive this week,” he told Bernama here today.

Teh said the physical prices were anticipated to hover between RM2,800 and RM2,900 a tonne in view of the rainy season.

“I hope that buyers can come into the market and buy more aggressively,” he said.

For the week just-ended, November 2011 contract gained RM97 to RM3,120 a tonne, December 2011 increased RM125 to RM3,146, January 2012 jumped RM122 to RM3,135 and February 2012 advanced RM115 to RM3,135.

Volume rose to 112,361 lots from 104,432 lots a week earlier while open interest increased to 136,363 contracts from 109,194 contracts.

November South contract gained RM120 to RM3,150 a tonne against RM3,030 registered. - Bernama