Wednesday, 5 September 2012
FCPO related news
Malaysian crude palm oil prices slipped on Wednesday to a one-week low on market expectations of rising stockpiles in the world's second biggest producer.
U.S. soybeans slid over 1 percent on Wednesday, notching the biggest one-day drop in three weeks as the harvest in the Midwest farm belt got underway and on profit-taking a day after prices set an all-time high near $18 per bushel.
The benchmark Nov closed at 2,990 while the most active traded Soy oil went down about to 57.37 cents per pound. The weaker soy oil contributed much to palm oil Sell-off. while improving export figures does little to curb palm oil price from falling. The medium term bullish momentum is likely jeopardized yesterday when the benchmark Nov closed below the psychological support level at 3,000. Long holders are advised to be cautious as palm oil price is likely continue to dwindle down as participants are expecting stocks to rise for this upcoming MPOB report.