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Crude palm oil to see profit-taking this week

11th June, 2018

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to see profit-taking this week during the Hari Raya holiday-shortened trading period.

Interband Group of Companies Senior Trader Jim Teh said the profit-taking might pull down the CPO prices to between RM2,300 and RM2,350 per tonne.

“Furthermore, we expect this week to be a quiet trading week, as many traders might start their Hari Raya holiday and be away from their desks on Thursday, the eve of Aidilfitri,” he told Bernama.

However, Teh noted that investors would keep a close watch on the official production and export data to be released by the Malaysian Palm Oil Board on Monday (June 11).

“The statistics will provide a clearer investment direction for them,” he added. For the week just-ended, the market traded lower, mainly due to lacklustre demand, concerns over weak exports and in tracking the rival soybean oil movement.

On a Friday-to-Friday basis, June 2018 fell RM58 to RM2,378 a tonne, July 2018 slipped RM67 to RM2,369 a tonne, August 2018 declined RM73 to RM2,366 a tonne and September 2018 dropped RM70 to RM2,368 a tonne.

Weekly turnover advanced to 209,023 lots from 130,376 lots last week, while open interest widened to 302,853 contracts from 263,107 contracts.

On the physical market, June South was RM65 lower at RM2,380 per tonne. – Bernama

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