Bursa Alert
Global Market
NewsCPO futures to see bearish sentiment
Page 1 of 1
CPO futures to see bearish sentiment
by hlk Sun 26 Jun 2011, 18:20
Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are likely to see continued bearish sentiment.
Jim Teh, Interband Group of Companies' senior trader, said technical correction could drive the market with CPO prices hovering between RM2,800 and RM3,000 per tonne.
"Buyers will not actively enter the market next week due to the current high prices," he told Bernama.
Another dealer said Monday's data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance would affect the market.
He said an upside potential for CPO prices was impossible due to the high stockpile of the commodity in Malaysia and Indonesia.
On the futures market this week, July 2011 fell RM94 to RM3,131 per tonne, August 2011 dropped RM89 to RM3,116, September 2011 eased RM81 to RM3,117 and October 2011 lost RM85 to RM3,109.
Turnover declined to 117,009 lots from 126,512 lots last week while open interest rose to 117,009 contracts from 114,295 contracts previously.
On the physical market, June South ended the week at RM3,150 per tonne. -- Bernama
Jim Teh, Interband Group of Companies' senior trader, said technical correction could drive the market with CPO prices hovering between RM2,800 and RM3,000 per tonne.
"Buyers will not actively enter the market next week due to the current high prices," he told Bernama.
Another dealer said Monday's data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance would affect the market.
He said an upside potential for CPO prices was impossible due to the high stockpile of the commodity in Malaysia and Indonesia.
On the futures market this week, July 2011 fell RM94 to RM3,131 per tonne, August 2011 dropped RM89 to RM3,116, September 2011 eased RM81 to RM3,117 and October 2011 lost RM85 to RM3,109.
Turnover declined to 117,009 lots from 126,512 lots last week while open interest rose to 117,009 contracts from 114,295 contracts previously.
On the physical market, June South ended the week at RM3,150 per tonne. -- Bernama
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» KLCI futures end lower amid bearish sentiment
» Hot Stock Chee Wah dips 17% on bearish broader market sentiment
» CPO futures down on bearish mood
» CPO futures mart expected to be bearish
» KLCI futures ends lower, tracking bearish cash market
» Hot Stock Chee Wah dips 17% on bearish broader market sentiment
» CPO futures down on bearish mood
» CPO futures mart expected to be bearish
» KLCI futures ends lower, tracking bearish cash market
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|