Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to see a softer trend next week on expectation of lower export and rising production, dealers said.
According to them, the market will see continuous cautious trading amid lack of market-moving news.
"Local sentiment doesn't look good and traders are watching closely the export data as there is no major development in the market," one of the dealers said.
He said the latest export data, scheduled to be released by the main surveyors next week, will provide lead for a fresh market direction.
Cargo surveyors Societe Generale de Surveillance and Intertek Testing Services are expected to release their reports for the first 20 days of June on Monday.
Another dealer said the market will also seek direction from the movement of crude oil and soyoil prices to further support the CPO price.
Soyoil and palm oil prices always move in tandem as both are competing for a similar market and export destinations, he said.
On a week-to-week basis, the July 2009 contract fell RM163 to RM2,315 per tonne and August 2009 dropped RM179 to RM2,286 per tonne.
September 2009 declined RM165 to RM2,285 per tonne while October 2009 was flat at RM2,285 per tonne.
Total turnover for the week decreased to 75,914 lots from 83,304 lots last week and open interests declined to 73,554 contracts from 76,078 contracts previously.
For the physical market, June South went down to RM2,330 per tonne from RM2,485 per tonne last week. -- Bernama
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