Trading in the crude palm oil (CPO) futures contract is expected to be uncertain next week with prices trending between RM2,200 and RM2,350 per tonne.
Interband Group of Companies senior trader Jim Teh said the US stalemate on the country's debt ceiling had been resolved and it was anticipated that its economy would have some movements.
"The calamity affecting the US recently has impacted the world economy," he told Bernama.
He said oil palm planters were happy with prices trending at between RM2,200 and RM2,350 per tonne as production level was high as it is a seasonal period.
Meanwhile, Phillip Futures Sdn Bhd Derivative Product Specialist David Ng told Bernama today that chartwise, for the January CPO contract, the near-term trend would remain positive at above the RM2,365 level and on upside, the resistance remained at RM2,460 and RM2,490 levels while support were at RM2,365 and RM2,330 levels.
On a Friday-to-Friday basis, spot month November 2013 increased RM13 to RM2,392 a tonne, December 2013 rose RM19 to RM2,399 and January 2014 gained RM17 to RM2,401.
A new contract month February 2014 was introduced on Wednesday.
Weekly turnover decreased to 28,174 lots from 32,330 lots previously, while open interest slipped to 184,141 contracts on Friday from 184,286 contracts previously.
On the physical market, October South rose RM10 to RM2,400 per tonne.-- Bernama