Palm futures likely to be bearish
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives is likely to be bearish next week amid lower export data released by cargo surveyors and weak global economic report.
Interband Group Senior Palm Oil Trader Jim Teh said the market would
continue to ease in the absence of positive external factors.
"I expect prices to hover between RM2,200 and RM2,300 per tonne next week as traders were cautious ahead of the annual palm oil conference to be held here next week," he said.
The three-day conference, organised by Bursa Malaysia, from March 4-6 will offer traders latest market developments from leading industry analysts, Dorab Mistry and James Fry.
Teh said traders would also remain cautious as cargo surveyors, Intertek Testing Services and Societe Generale de Surveillance are expected to release lower export data on Thursday.
On a Friday-to-Friday basis, spot month March 2013 lost RM129 to RM2,350 a tonne, April 2013 eased RM146 to RM2,360 a tonne, May 2013 fell RM164 to RM2,368 a tonne and June 2013 dropped RM173 to RM2,377 a tonne.
Weekly turnover advanced to 197,275 lots from 148,107 lots last week while open interest increased to 195,630 contracts from 186,706 contracts last Friday.
On the physical market, March South declined RM120 to RM2,340 per tonne. -- BERNAMA