CPO Futures Expected To Trade Mixed Next Week

KUALA LUMPUR, Oct 7 (Bernama) -- The crude palm oil (CPO) futures market is expected to trade mixed next week, with prices ranging between RM2,550 and RM2,650 a tonne, a dealer said. Interband Group of Companies Senior Palm Oil Trader Jim Teh said traders remained cautious ahead of a key crop report from the Malaysia Palm Oil Board next week. "The market expects the September CPO production to be better than previously," he told Bernama. Teh said the level of uncertainty of the ringgit movement against the US dollar would also provide a positive buying sentiment for foreign traders. "More foreign traders are expected to come into our market, as the weakening ringgit will make our CPO cheaper for them," he added. Meanwhile, on a Friday-to-Friday basis, October 2017 rose RM22 to RM2,741 per tonne, November 2017 went up RM36 to RM2,733 per tonne, December 2017 and January 2018 edged up RM35 each to RM2,730 per tonne, respectively. Weekly turnover, however, declined to 102,204 lots from 114,287 lots on Friday last week, and open interest decreased to 268,058 contracts versus 274,461 contracts previously. On the physical market, October South was RM10 higher at RM2,740 per tonne from last Friday's RM2,730 per tonne. -- BERNAMA