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Palm oil seen to be in range bound trade next week

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives will likely remain in range-bound trading at between RM2,130 and RM2,170 next week, as traders may adopt a wait-and-see attitude, amid the ongoing trade tensions between the United States (US) and China, a dealer said.

With the escalating tariff conflict, we may see China turning to Argentina as an alternative to purchase soybean oil instead of from the US, says a trader.

Oil prices end week up in volatile trade ahead of OPEC meeting

NEW YORK: Oil prices were up slightly in heavy, seesaw trading on Friday, giving back most earlier gains after news that major producers would consider additional supply a day after U.S. President Donald Trump again blasted the cartel.

Global benchmark Brent crude settled 10 cents higher at $78.80 a barrel. U.S. light crude rose 46 cents to $70.78 a barrel, more than $1 below the session high of $71.80.

Pinehill Pacific’s Perak land sale lifts share price

KUALA LUMPUR: Pinehill Pacific Bhd (PinePac) shares jumped by a maximum trading limit after the loss-making company announced a plan to sell its oil palm estate in Perak to United Plantations Bhd for RM413.57mil cash.

Treasury Pulse

THE US dollar weakened by 0.62% to close at 93.912, its seven-week low following the improvement in risk appetite in the global markets while Dow Jones and S&P500 closed 2.3% to 26,657 and 1.5% to 2,931.

Office space take-up rate drops with O&G downturn

This is the first of a two-part series. Jones Lang Wootton’s in-house research indicates that the annual net office take-up in the Klang Valley in 2016 and 2017 was 1.25 million sq ft and 0.57million sq ft respectively.

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