Published: 2009/04/25
CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to continue trading on an upward trend next week on supply concerns, dealers said.
They said that demand for CPO was growing but stocks were on the decline.
"The price outlook remains bullish as investors expect palm oil stocks to continue being tight in near term," one of the dealers said.
According to him, market sentiment next week also will be influenced by the export figures for May 1-25 which are scheduled to be released by two cargo surveyors, Societe Generale de Surveillance (SGS) and Intertek Testing Services (ITS) on Monday.
During the week, CPO futures prices traded mostly higher with the benchmark July 2009contract ending the week at an eight-month high of US$2,585 per tonne, boosted by supply concerns.
On a Friday-to-Friday basis, May 2009 gained RM205 to RM2,775 per tonne, June 2009 increased RM173 to RM2,660 per tonne, July 2009 rose RM150 to RM2,585 per tonne and August 2009 added RM139 to RM2,523 per tonne.
Turnover was higher at 114,069 lots compared to 93,752 lots last week while open interests declined to 86,931 contracts from 87,313 contracts previously.
On the physical market, May South stood at RM2,820 per tonne. -- Bernama
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- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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