DULL
demand from overseas and domestic buyers will keep crude palm oil
futures prices on Bursa Malaysia Derivatives rangebound next week, a
dealers said.
“It is difficult to judge the market movement next
week because the holiday is too long and most traders have already
stocked up their positions before the Muslim (Hari Raya) celebration,”
he said.
The dealer said trading may be also tight as investors
would look out for the data on the first ten days of palm oil exports in
September and the monthly industry statistics to be released by the
Malaysian Palm Oil Board.
A lacklustre performance was reported for August by surveyors.
It was reported that the Malaysian Palm Oil Board would release the
data on September 15, instead of September 10 due to the Hari Raya
holiday.
“This factor along with lack of leads on the domestic
front will prompt players to cut their positions or restrain them from
taking heavy positions,” the dealer said.
During the week, the
market traded mostly higher as traders actively chased the physical
market on expectations of lower production with plantation workers
expected to take a long break to celebrate Hari Raya next week.
The
market will be closed on Friday for Hari Raya. Trade will resume on
Monday, September 13. On a weekly basis, September 2010 was up RM8 to
RM2,695 a tonne, October 2010 rose RM20 to RM2,624 a tonne, November
2010 gained RM28 to RM2,570 and December 2010 added RM39 to RM2,564.
Weekly
turnover, however decreased to 54,944 lots from 106,226 lots
previously, while open position stood at 69,764 contracts from last
Friday’s 68,853 contracts.
On the physical market, September South was unchanged from last week’s close of RM2,720. – Bernama
Source : Business Times
