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Palm oil expected to continue bearish mometum
by hlk Mon 08 Aug 2011, 23:58
KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to continue the bearish momentum into this week amid a gloomy global economic scenario.
A dealer said the performance of the market will depend much on the economic conditions as a whole, with many buyers expected to apply a sell-off and buying-at-low, attitude.
Meanwhile, Interband Group senior trader Jim Teh, expects the price for the physical CPO to be in the range of RM2,700 to RM2,800 this week with buyers expected to be on the sidelines.
On a weekly basis, August 2011 added RM18 to RM3,128 per tonne, while September 2011 lost RM18 to RM3,079, October 2011 fell RM45 to RM3,051 and November 2011 dropped RM49 to RM3,044.
Turnover jumped to 116,785 lots from the 99,327 lots the previous Friday while the open position narrowed to 127,541 contracts from 131,253 contracts previously. Bernama
A dealer said the performance of the market will depend much on the economic conditions as a whole, with many buyers expected to apply a sell-off and buying-at-low, attitude.
Meanwhile, Interband Group senior trader Jim Teh, expects the price for the physical CPO to be in the range of RM2,700 to RM2,800 this week with buyers expected to be on the sidelines.
On a weekly basis, August 2011 added RM18 to RM3,128 per tonne, while September 2011 lost RM18 to RM3,079, October 2011 fell RM45 to RM3,051 and November 2011 dropped RM49 to RM3,044.
Turnover jumped to 116,785 lots from the 99,327 lots the previous Friday while the open position narrowed to 127,541 contracts from 131,253 contracts previously. Bernama
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