Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to be lower next week in the absence of
positive factors, dealers said.
Jim Teh, senior trader at Interband Group, said the prices for the
benchmark month next week were expected to be around RM3,000 to RM3,150.
He said speculative activities on expectation of higher production and exports had resulted in the current weak price trend.
Another dealer said the market has been speculating on a downtrend
in the prices for a while and it materialised now because of the lack of
fresh leads.
On a Friday-to-Friday basis, April 2011 declined RM74 to RM3,360 per
tonne, May 2011 fell RM120 to RM3,289, June 2011 slipped RM163 to
RM3,236 and July 2011 decreased RM157 to RM3,233.
Weekly turnover rose to 140,925 lots from 111,816 lots last week
while open interest advanced to 107,393 contracts from 98,009 contracts
previously.
On the physical market, April South fell by RM150 to RM3,300 per tonne. — Bernama
