Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected
to trade higher next week on expectations of strong export data, a
dealer said.
“The higher prices will be also in line with the bullish market on
the Dalian Commodity Exchange and higher oil prices,” he said.
Cargo surveyor Societe Generale de Surveillance said exports of
Malaysian palm oil products for Jan 1-20 rose 0.1 per cent to 799,846
tonnes from 799,071 tonnes shipped during the Dec 1-20 period.
The dealer said Malaysian palm oil futures climbed to a near two-week high on Friday.
“Basically, the market is still bullish amid concerns that supplies will struggle to keep pace with solid demand,” he said.
Another dealer said CPO prices were expected to be firm on expectations of lower production.
On a Friday-to-Friday basis, February 2011 rose RM119 to RM3,811 per tonne,
March 2011 added RM116 to RM3,796 per tonne and April 2011 increased RM105 to RM3,748 per tonne.
The week’s turnover stood at 88,943 lots, down from last week’s
125,324 lots while the open position was down to 87,055 contracts on
Friday from 87,677 contracts previously.
The market was closed on Thursday for the Thaipusam celebration.
On the physical market, October South was traded higher at RM3,810
per tonne on Friday compared with RM3,730 per tonne previously. —
Bernama
Source : Business Times
