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CPO futures mart may stay volatile
by hlk Sat 07 Jul 2012, 20:35
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to remain volatile next week, tracking Friday's sentiment, said Interband Group of Companies Senior Palm Oil trader Jim Teh.
He said the current market sentiment and uncertain global economy coupled with speculation would influence palm oil's performance next week
"Palm oil prices will likely move within the RM2,800-RM3,100 per tonne range for July contract next week.
"If the price touches RM3,000 and above, it is a bonus for us," he said today.
For the week just-ended, futures prices were mostly up supported by higher demand as bad weather disrupted soybean oil production in the United States.
On a Friday-to-Friday basis, spot month July 2012 rose RM102 to RM3,094 per tonne, August 2012 and September 2012 surged RM110 each to RM3,110 per tonne and RM3,130 per tonne, respectively, while October 2012 hiked RM102 to RM3,133 per tonne.
Weekly turnover improved to 149,052 lots from last week's 108,484 lots while open interest stood at 130,635 contracts.
On the physical market, July South ended the week RM110 higher at RM3,120 per tonne. -- BERNAMA
He said the current market sentiment and uncertain global economy coupled with speculation would influence palm oil's performance next week
"Palm oil prices will likely move within the RM2,800-RM3,100 per tonne range for July contract next week.
"If the price touches RM3,000 and above, it is a bonus for us," he said today.
For the week just-ended, futures prices were mostly up supported by higher demand as bad weather disrupted soybean oil production in the United States.
On a Friday-to-Friday basis, spot month July 2012 rose RM102 to RM3,094 per tonne, August 2012 and September 2012 surged RM110 each to RM3,110 per tonne and RM3,130 per tonne, respectively, while October 2012 hiked RM102 to RM3,133 per tonne.
Weekly turnover improved to 149,052 lots from last week's 108,484 lots while open interest stood at 130,635 contracts.
On the physical market, July South ended the week RM110 higher at RM3,120 per tonne. -- BERNAMA
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