G.M. Teoh previews commodities.
THE Bursa Malaysia Derivatives crude palm oil (CPO) futures prices ended the year sharply lower where the bears took complete control of the market. CPO futures prices started the early part of the first quarter of 2004 on a bullish footing with prices soaring from its January-low of RM1,682 and peaking after a near two-month rally slightly above the RM2,000 per tonne level in early March. From this point onwards, it was downhill all the way with prices trending lower in a bearish cycle that lasted five months before finding a base at the RM1,368 level in mid-July.
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