PALM OIL PRICES ON BURSA MALAYSIA DERIVATIVES BHD
Thursday, July 3, 2008
Source from The Star

The Crude Palm Oil Futures Closing : Thursday, 2 July 2008

(Prices are in RM/tonne)

The Palm Kernel Oil Futures

(Prices are in RM/tonne)

The CPO futures staged a mild short-term technically-led rebound amid widening price discount (26.8%) with the soyoil futures prices (the highest in 19-months). The September delivery recovered RM41 to finish at RM3,616/MT.

However, despite the clear attempt to narrow the discount gap with the soyoil futures, upward momentum for the September delivery contract seems to stall ahead of the recent pivot resistance at RM3,629/MT. And this hesitation managed to attract mild short-term profit-taking selling momentum from the top. Moreover, the market is sailing into short-term technically overbought region and a potential pullback from the top os plausiable in the coming session. That said, the RM3,629/MT level will act as the gateway for higher price trend from here and only successful prices violation above will set-up extended price rally towards the RM3,713/MT level. Otherwise, the market will continue to trade within the RM3,629/MT-RM3,570/MT band in the coming sessions.

Share The Story :

This entry was posted on Thursday, July 3rd, 2008 at 11:34 am and is filed under The Crude Palm Oil Futures Closing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.