Monday March 21, 2011
CPO likely to trade mixed this week
KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa MalaysiaDerivatives are likely to trade mixed this week as market players are expected to remain cautious following uncertainties in the global market.
Dealers said continuous uncertainty over the nuclear crisis in Japan, turmoil in the Middle East and rising oil prices were factors expected to affect sentiment.
Fundamentally, however, CPO futures remained strong, said one of them.
On the local front, reports by cargo surveyors - Societe Generale de Surveillance and Intertek Testing Services - due today could set this week's market direction, he said.
On Friday-to-Friday basis, April 2011 chalked up RM100 to RM3,499 per tonne,
May 2011 moved up RM109 to RM3,473 per tonne and June 2011 rose RM101 to RM3,446 per tonne and July 2011.
March 2011 expired at RM3,300 while new contract July 2011 stood at RM3,428.
The weekly turnover rose to 152,343 lots from 105,608 lots while open interest declined to 92,960 contracts from 96,456 contracts the previous Friday.
On the physical market, April South ended RM20 higher at RM3,520 per tonne. Bernama
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