Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to move in a narrow range next week amid concerns over high palm oil stocks level, dealers said.
A dealer said that most players were sidelined, awaiting the palm oil production, stocks and export data, which are due for release on Monday by the Malaysian Palm Oil Board.
"The general feeling is that the palm oil stocks for end-April may be higher than the current level of 1.2 million tonnes," the dealer said.
At the same time, cargo surveyors Intertek Testing Services (ITS) and Societe Generale de Surveillance were also due to unveil their export estimates for the first 10 days of May.
ITS had earlier estimated palm oil exports in April to go up by 2.5 per cent to 1.191 million tonnes from 1.163 million tonnes the previous month.
On the other hand, the local CPO market may also track closely the performance of soyoil prices on the Chicago Board of Trade.
Palm oil often tracks the soyabean market because both are used in products ranging from food and cosmetics to biodiesel.
For next week, most traders see a downward bias in range-bound trade, with support level at RM2,650 per tonne and resistance at RM2,850 per tonne.
Most prices went up during the week just ended.
Compared to last week, the CPO futures for spot month May 2009 surged RM114 to RM2,830 per tonne from RM2,716 per tonne.
The June 2009 contract climbed RM116 to RM2,750 per tonne from RM2,634 per tonne and July 2009 went up RM150 to RM2,685 per tonne from RM2,595 per tonne.
The August 2009 was traded higher at RM2,625 per tonne, up RM90 from RM2,535 per tonne.
A total of 121,219 lots were transacted this week, up from 93,185 lots last week.
Open interests, however, stood lower at 77,732 contracts on Friday compared with 87,025 contracts last Thursday.
On the physical market, May South went up to RM2,850 per tonne from RM2,750 per tonne previously. -- Bernama
Tidak ada komentar:
Posting Komentar