Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade at around RM2,300 per tonne
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said investors are expected to stay on the sidelines awaiting fresh market leads.
"Among the cues they are looking for is the outcome of export data before making any market decisions," he told Bernama.
Ng said major support is located at RM2,300 where a breach below this level could extend further weakness towards the RM2,280 level.
Meanwhile, Interband Group of Companies Senior Trader Jim Teh said demand for CPO is expected to be weak next week due to the gloomy economic condition and weakening currencies.
For the week just ended, the first few days saw the CPO price traded lower on expectations of higher inventories.
Heading to the end of the week, the CPO prices were traded higher taking the cue from the firm soy oil prices on the Chicago Board of Trade.
On a Friday-to-Friday basis, spot month September 2013 declined RM72 to RM2,360, October 2013 decreased RM87 to RM2,360, November 2013 fell RM96 to RM2,348 and December 2013 lost RM98 to RM2,346 per tonne.
Weekly turnover increased to 30,848 lots from 30,152 lots last Friday, and open interest added to 190,294 contracts from 187,951 contracts previously.
On the physical market, September South shed RM55 to RM2,380 per tonne from RM2,435 per tonne last week.-- Bernama