Crude palm oil futures prices on Bursa Malaysia Derivatives is likely to be higher next week, boosted by strong export data, dealers said.On Friday, cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products from May 1-15 increased by 1.7 per cent to 624,052 tonnes from the 613,677 tonnes shipped between April 1 and April 15.
Another cargo surveyor, Societe Generale de Surveillance, said exports from May 1-15 rose 8 per cent to 629,364 tonnes from the 582,823 tonnes shipped between April 1 and April 15.
A dealer said the current hot and dry weather might affect palm oil production.
He said the dry spell could also affect production of CPO in the long run and this in turn will further push up prices.
During the week, the market was traded steadier as most investors took cue from the movements on the Chicago Board of Trade (CBOT) soyoil and Dalian Exchange.
On a week-to-week basis, May 2009 was higher by RM19 at RM2,849 per tonne from RM2,830 per tonne last Friday, June 2009 eased RM19 to RM2,731 per tonne from RM2,750 per tonne, July 2009 slipped RM20 to RM2,665 per tonne from RM2,685 per tonne and August 2009 declined RM13 to RM2,612 per tonne from RM2,625 per tonne.
Total turnover declined to 87,044 lots from 121,219 lots last week while open interests also decreased to 75,553 contracts from 77,732 contracts previously. -- Bernama
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