CPO futures prices forecast september 24-28 2012 : The crude palm oil (CPO) futures contract is likely to trend lower next week amid concerns over a sharp build-up in end-September palm oil inventories, that month-end stocks were estimated to hit the year's highest stock level of more than 2.2 million tonnes.
Prices, which broke below the RM2,800 mark for the first time this year, were expected to hover between 2,500 and 2,550 per tonne next week.
The trend is also likely to follow weaker soybean prices.
For the week just-ended, cargo surveyor data pointed to rising exports but traders said the increase was not enough to offset strong production.
Cargo surveyor Intertek Testing reported that export shipments rose almost 15 per cent during Sept 1-20, over the same period a month ago, while another cargo surveyor, Societe Generale de Surveillance, reported an almost 13 per cent increase from a month ago.
September 2012 and October 2012 dropped RM82 each to RM2,593 per tonne and RM2,693 per tonne, respectively, while November 2012 and December 2012 were each RM57 lower at RM2,763 per tonne and RM2,826, respectively.
Weekly turnover fell to 119,681 lots, from 124,383 lots last week, while open interest dipped to 184,766 contracts against last week's 199,133 contracts. On the physical market, September South decreased RM200 to RM2,600 per tonne.-
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