KUALA LUMPUR

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in yo-yo mode albeit in a quiet market ahead of the Hari Raya celebration, with price to range between RM2,350 and RM2,430 a tonne, dealers said. Interband Group of Companies senior trader Jim Teh said most of the market players especially from the Middle Eastern countries, China, Pakistan and India had made their purchases earlier. However, this will not be long as sentiment in the local market has been positive with the new government’s pledge to be transparent and provide a business friendly environment to investors, both local and foreign. “This is what we want. Don't hide anything from the people,” Teh told Bernama, adding that he expected the newly-formed Pakatan Harapan govern- ment led by Prime Minister Tun Dr Mahathir Mohamad would welcome more foreign investors as soon as it provides clarity in the business policies. For the week just-ended, the market was traded mixed with CPO futures rising on Friday, tracking rival soybean oil and on expectations of a marginal rise in the country's palm oil output. On a Friday-to-Friday basis, June 2018 fell RM17 to RM2,436 a tonne, July 2018 slipped RM16 to RM2,436 a tonne, August 2018 decreased RM16 to RM2,439 a tonne, and September 2018 dropped RM21 to RM2,438 a tonne. Weekly turnover fell to 130,376 lots from 212,353 lots the previous week, while open interest narrowed to 263,107 contracts from 294,337 contracts. On the physical market, June South was RM15 lower at RM2,445 per tonne. – Bernama