KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are likely to see light trading this week as traders adopt a wait-and-see attitude, dealers said.

Interband Group Senior Palm Oil Trader Jim Teh said the CPO prices were expected to hover between RM2,300 and RM2,400 per tonne throughout this week, despite heavy palm oil inventories.

“There will be less activity next week as market participants are looking for market moving factors next week,” he said.

Another dealer said the export figure for March was expected to be better than February, thus reducing the high palm oil stockpile from 2.44 million tonnes as of last month.

On a Friday-to-Friday basis, spot month April 2013 jumped RM54 to RM2,460 a tonne, May 2013 rose RM71 to RM2,485 a tonne, June 2013 added RM76 to RM2,493 a tonne and July 2013 gained RM79 to RM2,495 a tonne.

Weekly turnover rose to 194,413 lots from 173,004 lots previous week while open interest appreciated to 213,168 contracts from 199,811 contracts previously.

On the physical market, March South gained RM60 to RM2,460 per tonne. Bernama

Source : The Star