CPO to trade above RM2,500 a tonne
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade above RM2,500 per tonne next
week, with high demand to support the price, dealers said.
A dealer said worries over production level will remain in the market and influence the price next week.
Interband Group of Companies senior trader, Jim Teh, the upward buying momentum will continue despite external problems that might hurt market sentiments.
"Profit-taking is likely to emerge next week," he told Bernama.
For the week just-ended, the local market was traded at its highest level for this year on Thursday, and later it marked another fresh high on Friday, boosted by strong demand in anticipation of lower output.
On a Friday-to-Friday basis, spot month November 2013 jumped RM191 to RM2,649 a tonne, December 2013 surged RM190 to RM2,635, January 2014 climbed RM184 to RM2,628 and February 2014 soared RM179 to RM2,625.
Weekly turnover rose to 209,040 lots from 170,458 lots previously, while open interest widened to 188,193 contracts from 178,072 contracts previously.
On the physical market, November South was traded RM180 higher at RM2,630 per tonne.-- Bernama