Palm futures to move within narrow rangeCrude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to move within a narrow range next week, tracking the performances of crude oil and soyaoil prices on the Chicago Board of Trade, dealers said.
Soyaoil and palm oil compete for the same export destinations and their prices often move in tandem.
A dealer said for the week just ended, sentiment was generally quiet and the fundamentals were not expected to change next week as the players would adopt a wait-and-see attitude in anticipation of the release of palm oil exports data for March next week.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance would release their forecast figures next Tuesday.
"For the time being, players will hold their positions as prices have reached the major resistance level last Thursday. They will wait for other opportunities if the benchmark contract breaks RM2,200 convincingly," he said.
Another dealer said the CPO futures price had lost more than half from a record RM4,486.
However, he said, a recent rebound saw it closed at its highest level in nearly six months on the back of higher crude oil prices and lower palm oil stocks.
"For next week, most traders expected a downward bias with trading set to be range-bound, with the support level at RM1,900 and resistance at RM2,200," he said.
On a Friday-to-Friday basis, the CPO futures contract for April 2009 delivery increased RM32 to RM2,112 per tonne while May 2009 advanced RM15 to RM2,050 per tonne.
June 2009 contract rose by RM5 to RM1,990 and July 2009 surged RM75 to RM1,997 per tonne.
Turnover for the week fell to 68,221 lots from 90,230 lots last week.
Open positions declined to 90,494 contracts on Friday from 92,396 contracts recorded at the end of last week.
Of the physical market, April South was traded at RM2,150 per tonne from RM2,100 per tonne previously. -- Bernama
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