CPO futures likely to be easier

rude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are likely to be easier next week amid technical correction, said a market player.

Jim Teh, a senior trader with Interband Group of Companies, said prices could hover around the RM2,800 per tonne level.

He said the debt crisis in the euro zone and the United States had influenced traders this week, keeping them sidelined.

Compared with the previous week, July 2011 ended RM40 higher at RM3,120 per tonne, August 2011 increased RM36 to RM3,121 per tonne, September 2011 gained RM39 to RM3,116 per tonne while October 2011 rose RM37 to RM3,115 per tonne.

Turnover for the week was lower at 22,251 lots compared to 23,170 lots last week, while the open position rose to 136,602 contracts from 132,406 contracts.

On the physical market, June South ended the week at RM3,150 per tonne. -- Bernama