KUALA LUMPUR: The anticipation of high demand ahead of the fasting month of Ramadhan will likely spur the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives on the positive side next week.
Phillip Futures Sdn Bhd, Derivative specialist David Ng said he is
optimistic over the local market's mid to long-term outlook as demand
during Ramadhan usually lifts the market.
He expects the commodity to fetch between RM2,580 and RM2,630 a tonne
next week, adding the resistance level would be at RM2,650 and support
at RM2,550.
"The price, however, will be weighed on by the stronger ringgit as it
can cause some importers to hold back on their buying activity," he told
Bernama.
Ng also said market players are keenly awaiting the release of April's
palm oil data by the Malaysian Palm Oil Board on Monday, which would
influence sentiment.
Meanwhile, Interband Group of Companies senior palm oil trader Jim Teh
said the recent downtrend in the local market would attract buyers to
restock their
position, sending the market into active trading.
On a Friday-to-Friday basis, May 2014, July 2014 and August 2014 were
all down RM15 each to RM2,645, RM2,577 and RM2,567 per tonne
respectively, while
June 2014 fell RM11 to RM2,604 per tonne.
Weekly turnover rose to 161,299 lots from 135,503 lots last week, while
open interest narrowed to 209,203 contracts from 225,335 contracts
previously.
On the physical market, May South eased RM30 to RM2,650 per tonne.-- Bernama
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