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CPO futures continues to see more bargain buying interest
by Cals Fri 19 Jul 2013, 00:35
CPO futures continues to see more bargain buying interest
Business & Markets 2013
Written by Bernama
Thursday, 18 July 2013 19:28
KUALA LUMPUR (July 18): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives continued to witness bargain buying interest after prices fell sharply over the past few days.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said firmness on the Chicago Board of Trade soyoil futures trade today was also seen supporting palm oil prices.
However, the demand in the upcoming weeks was likely to rise in Malaysia's CPO output from this month onwards, which is expected to limit the upside.
He said based on the charts, the October CPO again rebounded from the support of RM2,225 per tonne level.
"However, only a sustained move above RM2,280 will confirm strength, and push the price towards the RM2,320-RM2,350 levels," Ng told Bernama.
He said that only a decline below RM2,225 per tonne would extend the weakness towards the RM2,200 per tonne level.
Spot month August 2013 gained RM63 to RM2,340 a tonne, September 2013 rose RM39 to RM2,305 a tonne, October 2013 surged RM41 to RM2,291 a tonne and November 2013 improved RM36 to RM2,281 a tonne.
Turnover expanded to 53,157 lots from 40,220 lots yesterday while open interest advanced to 241,569 contracts from 224,560 contracts Wednesday.
On the physical market, August South rose RM40 to RM2,350 a tonne.
Business & Markets 2013
Written by Bernama
Thursday, 18 July 2013 19:28
KUALA LUMPUR (July 18): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives continued to witness bargain buying interest after prices fell sharply over the past few days.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said firmness on the Chicago Board of Trade soyoil futures trade today was also seen supporting palm oil prices.
However, the demand in the upcoming weeks was likely to rise in Malaysia's CPO output from this month onwards, which is expected to limit the upside.
He said based on the charts, the October CPO again rebounded from the support of RM2,225 per tonne level.
"However, only a sustained move above RM2,280 will confirm strength, and push the price towards the RM2,320-RM2,350 levels," Ng told Bernama.
He said that only a decline below RM2,225 per tonne would extend the weakness towards the RM2,200 per tonne level.
Spot month August 2013 gained RM63 to RM2,340 a tonne, September 2013 rose RM39 to RM2,305 a tonne, October 2013 surged RM41 to RM2,291 a tonne and November 2013 improved RM36 to RM2,281 a tonne.
Turnover expanded to 53,157 lots from 40,220 lots yesterday while open interest advanced to 241,569 contracts from 224,560 contracts Wednesday.
On the physical market, August South rose RM40 to RM2,350 a tonne.
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