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NewsMalaysian palm oil futures likely to trade rangebound this week
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Malaysian palm oil futures likely to trade rangebound this week
by Cals Sun 19 Jul 2015, 18:11
Malaysian palm oil futures likely to trade rangebound this week
Sunday, 19 July 2015KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see rangebound trading as investors closely monitor developments with crude oil prices.
"Crude oil price movements would closely track developments surrounding Iran which is expected to increase exports and add to the supply glut," Interband Group of Companies Senior Palm Oil Trader Jim Teh told Bernama.
CPO prices are, however, expected to be confined within a very narrow margin of RM2,100 and RM2,120 per tonne as traders extend their Hari Raya Aidilfitri holidays.
On a weekly basis, August 2015 declined RM5 to RM2,189 a tonne, September 2015 slipped RM3 to RM2,191 a tonne, October 2015 decreased RM9 to RM2,191 a tonne and November lost RM4 to RM2,206 a tonne.
Weekly turnover was reduced at 187,552 lots, from 194,433 lots last week, while open interest decreased to 205,046 contracts against 225,269 contracts previously.
On the physical market, August South fell RM10 to RM2,200 a tonne. - Bernama
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