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CPO futures likely to hover below RM3,020
by hlk Sat 17 Dec 2011, 12:01
Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to remain at RM3,020 level next week in light of the global economic uncertainties, dealers said.
"The price range is expected to hover below RM3,020," a dealer said.
However, the current monsoon season in top palm oil-producing countries in Southeast Asia is expected to offer some support. with expectations of declining output.
On a weekly basis, December 2011 closed RM61 lower at RM2,989 a tonne, January 2012 lost RM98 to RM2,985 a tonne, February 2012 fell RM100 to RM2,984 a tonne while March 2012 slipped RM102 to RM2,984 a tonne.
Turnover for the week was higher at 101,370 lots compared with 97,848 lots last week, while the open position tumbled to 116,782 contracts from 118,592. -- Bernama
"The price range is expected to hover below RM3,020," a dealer said.
However, the current monsoon season in top palm oil-producing countries in Southeast Asia is expected to offer some support. with expectations of declining output.
On a weekly basis, December 2011 closed RM61 lower at RM2,989 a tonne, January 2012 lost RM98 to RM2,985 a tonne, February 2012 fell RM100 to RM2,984 a tonne while March 2012 slipped RM102 to RM2,984 a tonne.
Turnover for the week was higher at 101,370 lots compared with 97,848 lots last week, while the open position tumbled to 116,782 contracts from 118,592. -- Bernama
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