KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to trade in the range of RM2,400 to RM2,500 per tonne next week on anticipation of slow demand, a dealer said.
Interband Group of Companies Senior Trader Jim Teh said traders are waiting for data on Malaysia's palm oil shipments for the Jan 1-25 period, which will be released by two independent cargo surveyors tomorrow and on Monday.
Speaking to Bernama today, Teh also said profit-taking activity is likely to be seen next week as Chinese investors, the largest consumers, had started to pull out of the market ahead of the Lunar New Year holidays, which begin late next week.
For the week just ended, the local market was traded mixed due to depreciation of the ringgit against the US dollar which spurred strong buying interest.
On a Friday-to-Friday basis, February 2014 advanced RM62 to RM2,577 a tonne, March 2014 increased RM58 to RM2,583 a tonne, April 2014 added RM51 to RM2,591 a tonne, May 2014 edged up RM47 to RM2,592 a tonne, June 2014 ascended RM42 to RM2,588 a tonne and July 2014 increased RM38 to RM2,578 a tonne.
Weekly turnover declined to 26,095 lots from 37,087 lots previously, while open interest dwindled to 194,849 contracts from 208,981 contracts previously.
On the physical market, February South was traded RM30 higher at RM2,580 per tonne. - BERNAMA
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