CPO futures likely to trade RM2,300 to RM2,380

KUALA LUMPUR: The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives is likely to trade between RM2,300 and RM2,380 per tonne next week.

Interband Group of Companies senior palm oil trader Jim Teh said in June 2014, palm oil stocks fell to a one-year low of 1.66 million tonnes compared to market estimates of 1.80 million tonnes, while output dropped by 5.3 per cent to 1.57 million from previous month, as indicated by the Malaysia Palm Oil Board.
For the week just ended, the futures market was mainly bearish on the back of a stronger ringgit and weaker soybean oil market.
On a Friday-to-Friday basis, July 2014 lost RM48 to RM2,410 per tonne, August 2014 fell RM43 to RM2,377 per tonne, September 2014 slipped RM56 to RM2,346 per tonne, while October 2014 shed RM66 to RM2,331 per tonne.
Weekly turnover rose to 233,970 lots from 201,928 lots last week, while open interest increased to 259,649 contracts from 236,240 contracts last Friday.
On the physical market, July South eased RM15 to RM2,460 per tonne.-- Bernama