Interband Group of Companies' Senior Palm Oil Trader Jim Teh said the CPO market had had a good start to the year of the wooden horse, despite the downtrend in other commodities, including rubber.
"This is a very good start for the CPO market. The weakening in the local note has boosted the market for the commodity, besides signs of lower production and reduced inventories in the country," he told Bernama.
The Malaysian Palm Oil Board on Feb 10 reported positive export data for January, showing a decline of 2.6 per cent in the stock level to 1.93 million tonnes from 1.99 million in December last year.
Teh added that the CPO prices would likely hover between RM2,600 and RM2,700 a tonne next week.
On a Friday-to-Friday basis, February 2014 advanced RM72 to RM2,649 a tonne, March 2014 increased RM86 to RM2,661 a tonne, April 2014 added RM87 to RM2,665 a tonne, and May 2014 edged up RM88 to RM2,663 a tonne.
Weekly turnover increased to 195,078 lots from 95,849 lots last week, while open interest rose to 220,979 contracts from 214,142 contracts previously.
On the physical market, February South was traded RM40 higher at RM2,620 per tonne. - BERNAMA
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