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Palm futures may fall to RM2,800
by hlk Sat 10 Dec 2011, 18:54
Cautious sentiment is expected to keep crude palm oil (CPO) futures on Bursa Malaysia Derivatives in rangebound trade next week amid uncertainties in the global economic outlook.
Jim Teh, senior palm oil trader of Interband Group of Companies, said prices might fall to RM2,800 per tonne due to corrections.
"At these prices, profits can still be made as costs can still be recovered," he said.
On a weekly basis, December 2011 ended RM10 higher at RM3,050 per tonne, January 2012 increased RM17 to RM3,083 per tonne, February 2012 gained RM22 to RM3,084 per tonne while March 2012 rose RM26 to RM3,086 per tonne.
Turnover for the week was higher at 97,848 lots compared to 75,013 lots last week, while the open position fell to 118,592 contracts from 124,536 contracts. -- Bernama
Jim Teh, senior palm oil trader of Interband Group of Companies, said prices might fall to RM2,800 per tonne due to corrections.
"At these prices, profits can still be made as costs can still be recovered," he said.
On a weekly basis, December 2011 ended RM10 higher at RM3,050 per tonne, January 2012 increased RM17 to RM3,083 per tonne, February 2012 gained RM22 to RM3,084 per tonne while March 2012 rose RM26 to RM3,086 per tonne.
Turnover for the week was higher at 97,848 lots compared to 75,013 lots last week, while the open position fell to 118,592 contracts from 124,536 contracts. -- Bernama
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