CPO futures to trade RM2,200 to RM2,250
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade between RM2,200 and RM2,250 per
tonne next week on technical correction.
Interband Group of Companies senior trader, Jim Teh, said there will be some profit-taking next week due to the expected high trading price.
"More actual physical buyers are expected to buy and the prices are also profitable to planters as the costs are between RM1,200 and RM1,500 a tonne," he told Bernama.
For the week just-ended, Intertek Testing Services reported that exports of Malaysian palm oil products between September 1-25 rose by 6.5 per cent to 1.238 million tonnes from 1.162 million tonnes during August 1-25.
Societe Generale de Surveillance reported a 6.4 per cent rise in palm oil exports in the same period in September to 1.213 million tonnes from 1.14 million tonnes in the first 25 days of August.
On a Friday-to-Friday basis, spot month October 2013 increased RM45 to RM2,350, November 2013 gained RM16 to RM2,316, December 2013 added RM10 to RM2,310 and January 2014 improved RM11 to RM2,32 a tonne.
Weekly turnover increased to 35,273 lots from 21,822 lots last Friday and open interest dipped to 168,501 contracts from 173,081 contracts last week.
On the physical market, October South increased RM25 to RM2,350 per tonne from RM2,325 per tonne last Friday.-- Bernama