Thursday, 30 August 2012
FCPO related news
Malaysian crude palm oil futures slipped to the lowest in nearly a fortnight, as traders booked profits with market focus shifting to rising stocks level in the world's second-largest producer.
The benchmark November contract on Bursa Malaysia Derivatives ended 1% at 3,000 ringgits a metric ton after falling as much as 1.7% to MYR2,978/ton, the lowest since August 20.
U.S. soybean futures rallied Wednesday as strong demand and worries about diminishing U.S. supplies continued to support prices. The soybean market is maintaining price strength because record-high futures haven't cooled demand for soybeans from end users such as food processors and exporters. Spillover support was seen from new buying in corn and wheat futures. Also supporting soy oil price are continued buying interest from China.
BMD CPO futures are trading higher, buoyed by short-covering and optimism that overall August export shipments will rise 5%-6% on month following Malaysia's move to increase shipping quotas for tax-free CPO. "A break above MYR3,030/ton may invite more buying interest and drive values to MYR3,070/ton today," a technical analyst in Kuala Lumpur says, though she warns that cautiousness may set in later during afternoon trade as investors limit their exposure to riskier assets ahead of U.S. Federal Reserve Chairman Ben Bernanke's speech at a Jackson Hole symposium Friday. Benchmark November CPO is up 0.7% at MYR3,022/ton. (email@example.com)
Today’s Support and Resistance are located around 2970 and 3050 respectively.