12/03/2012 (The Star) - The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are likely to continue their steady performance this week.

A dealer said futures prices were expected to move higher in anticipation of friendly export data to be released by the Malaysian Palm Oil Board (MPOB) and two cargo surveyors, SGS and ITS, on Monday.

She said the MPOB would release its export data for February while the two cargo surveyors for March 1-10. However, she expects profit taking towards the weekend to erase the gains recorded over the first three days.

“Prices have been too high for the last two weeks on speculative trading,” he said, expecting some profit to take place this week.

On a Friday-to-Friday basis, March 2012 advanced RM100 to RM3,335 per tonne, April 2012 increased RM107 to RM3,357 per tonne, May 2012 added RM93 to RM3,352 per tonne while June 2012 gained RM78 to RM3,334 per tonne. Turnover for the week decreased to 96,956 lots from 107,128 lots while open interest rose to 124,767 contracts from 123,480 contracts.

On the physical market, March South surged RM100 to RM3,330 from RM3,230 per tonne. - Bernama