Trading sources said that crude palm oil futures prices on Bursa Malaysia Derivatives are expected to move in a narrow range next week amid concerns over high palm oil stocks level, Bernama Daily Malaysian News reports.
A dealer said that most players were sidelined, awaiting the palm oil production, stocks and export data, which are due for release on Monday by the Malaysian Palm Oil Board.
"The general feeling is that the palm oil stocks for end-April may be higher than the current level of 1.2 mil tonnes," the dealer added.
At the same time, cargo surveyors Intertek Testing Services (ITS) and Societe Generale de Surveillance were also due to unveil their export estimates for the first 10 days of May. For this week, most traders see a downward bias in range-bound trade, with support level at MYR2,650 /mt and resistance at MYR2,850/mt. (11 May 2009)
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