Crude palm oil (CPO) futures on Bursa Malaysia Derivatives are expected to see cautious trading next week as traders await the release of May production figures, dealers said.
They said the Malaysian Palm Oil Board's data, which would be released on June 10, would give some indications of the state of the market.
Cargo surveyor Societe Generale de Surveillance and Intertek Testing Services would also release the export data for the first 10 days of June on the same day.
A dealer said for next week, the market would be looking at the RM2,500 support level and RM2,600 resistance level for the benchmark August contract.
He said the market fundamentals would remain the same as expectation of an increase in production and high volume stock would put pressure on the CPO prices.
For the week just-ended, the market weakened towards the end of the week on profit-taking as well as long liquidation.
"Traders continue to trim the positions ahead of the weekend," he said.
On a week-to-week basis, June 2009 contract decreased by RM25 to RM2,590 a tonne and July 2009 dipped RM44 to RM2,526 a tonne.
August 2009 declined RM40 to RM2,520 a tonne and September depreciated RM24 to RM2,525 a tonne.
Total turnover for the week fell to 62,214 lots from 83,083 lots last week.
Open interests fell to 78,849 contracts from 78,971 contracts last week.
For the the physical market, June March South declined to RM2,580 per tonnes from last week's RM2,600 per tonne. -- Bernama
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