MARKET DEVELOPMENT
CPO Futures To Trade Between Rm2,250 And Rm2,350 Per Tonne Next Week
CPO Futures To Trade Between Rm2,250 And Rm2,350 Per Tonne Next Week
26/08/2013 (Bernama) - Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade between between RM2,250 and RM2,350 per tonne next week.
Interband Group of Companies Senior Trader, Jim Teh, said the market would be active following some speculative plays and paper trading on anticipation of higher demand due to the weaker ringgit against the US dollar.
"Currently, Malaysia, Thailand and Indonesia's currencies are weakening against the greenback, and that could be an advantage for the global market to purchase the commodity at a lower prices.
"It can help reduce the inventory level and at the same time improve the export figures of the palm oil," he told Bernama.
Cargo surveyor, Intertek Testing Services, said exports for Aug 1-20 rose to 880,979 tonnes from 798,482 tonne in the same period a month ago.
Spot month September 2013 gained RM52 to RM2,419 per tonne, October 2013 increased RM61 to RM2,385 per tonne, November 2013 rose RM58 to RM2,367 per tonne and December 2013 gained RM57 to RM2,360 per tonne.
Weekly turnover decreased to 30,820 lots from 31,590 lots last Friday, and open interest dropped to 200,586 contracts from 213,092 contracts previously.
On the physical market, August South rose RM20 to RM2,430 per tonne.
Interband Group of Companies Senior Trader, Jim Teh, said the market would be active following some speculative plays and paper trading on anticipation of higher demand due to the weaker ringgit against the US dollar.
"Currently, Malaysia, Thailand and Indonesia's currencies are weakening against the greenback, and that could be an advantage for the global market to purchase the commodity at a lower prices.
"It can help reduce the inventory level and at the same time improve the export figures of the palm oil," he told Bernama.
Cargo surveyor, Intertek Testing Services, said exports for Aug 1-20 rose to 880,979 tonnes from 798,482 tonne in the same period a month ago.
Spot month September 2013 gained RM52 to RM2,419 per tonne, October 2013 increased RM61 to RM2,385 per tonne, November 2013 rose RM58 to RM2,367 per tonne and December 2013 gained RM57 to RM2,360 per tonne.
Weekly turnover decreased to 30,820 lots from 31,590 lots last Friday, and open interest dropped to 200,586 contracts from 213,092 contracts previously.
On the physical market, August South rose RM20 to RM2,430 per tonne.