Monday December 31, 2012
CPO market seen to be quiet this week
KUALA LUMPUR: The crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are expected to ease next week, with the market likely to be quiet in view of China's stricter quality control measures on imported products.
Interband Group Senior Palm Oil Trader Jim Teh said the new measures, to be imposed next year, would likely result in profit-taking among players.
Teh said the projected price, although lower, would still be profitable for planters.
Bursa Malaysia and its subsidiaries will be closed on Jan 1, 2013 for the New Year holiday.
On a Friday-to-Friday basis, January 2013 surged RM92 to RM2,375 per tonne, February 2013 increased RM102 to RM2,453 per tonne, March rose RM86 to RM2,494 per tonne and April added RM78 to RM2,540 per tonne.
The weekly turnover increased to 192,473 lots from 157,246 lots, while open interest increased to 192,473 contracts from 185,950 contracts last Friday.
On the physical market, January South increased to RM2,300 per tonne from RM2,200 per tonne last Friday. - Bernama