PALM OIL PRICES ON BURSA MALAYSIA DERIVATIVES BHD
Wednesday, April 30, 2008
Source from The Star

The Crude Palm Oil Futures Closing: Tuesday, 29 April 2008

(Prices are in RM/tonne)

The Palm Kernel Oil Futures

(Prices are in RM/tonne)

TALKS of Indonesia reducing export tax for CPO is still weighing on the CPO futures. This has resulted in further long liquidation activity in the market. The July delivery contract fell RM161 to end at RM3,349/MT.

Moreover, improving relationship between the Argentine farmers and the government and a possible increase in US soybean planting acreage caused investors to further reduce risk in the July delivery contract. All these factors are exerting downward pressure on price. From here, a convincing breach below the RM3,369/MT temporary support level will encourage extended slippage towards RM3,292/MT or even RM3,191/MT in the near-term. In addition to that, a further planting delay in Corn may lead to increase soybean planting acreage is also aiding negative sentiment.

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