Palm oil prices seen to be steadier this week
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Monday, October 17, 2011
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KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa MalaysiaDerivatives are likely to be steadier this week, extending previous week's uptrend.
Dealers said the positive fundamentals of the commodity would help push prices higher.
Cargo surveyors, Intertek Testing Services and Societe Generale, will release their export data for Oct 1-15 on Monday (today), and they are expected to have bullish effects on the market.
On a Friday-to-Friday basis, October 2011 added RM74 to RM2,860, November 2011 increased RM110 to RM2,888, December 2011 gained RM134 to RM2,906 and January 2012 climbed RM138 to RM2,915 per tonne.
Total volume fell to 112,767 lots from 164,498 lots previous week while open interest rose to 143,338 contracts against 139,108 contracts previously.
On the physical market, October South was higher at RM2,900 per tonne from RM2,800 previously. Bernama
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