MARKET DEVELOPMENT
CPO Futures To Trade Btw RM2,400 And RM2,600 Per Tonne Next Week
CPO Futures To Trade Btw RM2,400 And RM2,600 Per Tonne Next Week
03/02/2014 (Bernama) - Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives is expected to see subdued trading with prices capped between RM2,400 and RM2,600 per tonne next week, dealers said.
Interband Group of Companies Senior Trader Jim Teh said most players would probably still be away for the long holidays.
Teh, who is anticipating a "yo-yo" market, expects speculative paper trading to support prices.
The market ended the Chinese New Year eve on a high note on Thursday and the market will be closed until Feb 3 for the Chinese New Year and Federal Territory Day holidays. Trading will resume on Feb 4.
Meanwhile, some dealers expect demand to pick up in the coming months as the weather warms up.
On a Friday-to-Friday basis, February 2014 declined RM42 to RM2,535 a tonne, March 2014 lost RM29 to RM2,564, April 2014 dropped RM28 to RM2,563 and May 2014 depreciated RM37 to RM2,555.
Weekly turnover declined to 121,989 lots from 163,589 lots previously while open interest firmed to 193,243 contracts from 192,541 contracts previously.
On the physical market, February South was traded RM35 lower at RM2,580 per tonne.
Interband Group of Companies Senior Trader Jim Teh said most players would probably still be away for the long holidays.
Teh, who is anticipating a "yo-yo" market, expects speculative paper trading to support prices.
The market ended the Chinese New Year eve on a high note on Thursday and the market will be closed until Feb 3 for the Chinese New Year and Federal Territory Day holidays. Trading will resume on Feb 4.
Meanwhile, some dealers expect demand to pick up in the coming months as the weather warms up.
On a Friday-to-Friday basis, February 2014 declined RM42 to RM2,535 a tonne, March 2014 lost RM29 to RM2,564, April 2014 dropped RM28 to RM2,563 and May 2014 depreciated RM37 to RM2,555.
Weekly turnover declined to 121,989 lots from 163,589 lots previously while open interest firmed to 193,243 contracts from 192,541 contracts previously.
On the physical market, February South was traded RM35 lower at RM2,580 per tonne.