PALM OIL PRICES ON BURSA MALAYSIA DERIVATIVES BHD
Tuesday, July 29, 2008
Source from The Star

The Crude Palm Oil Futures Closing : Monday, 28 July 2008

(Prices are in RM/tonne)

The Palm Kernel Oil Futures

(Prices are in RM/tonne)

THE badly futures slipped from early gains on late session’s selling pressure. The October delivery contract fell RM69 to end at day-low at RM3,001/MT.

Trading below the all important 200-days moving-averages RM3,313/MT, sentiment in the October delivery contract remained under pressure by strong selling enthusiasm, despite early attempts to recover some lost grounds above the RM3,100/MT level. The market lost traction above the RM3,100/MT level as agressive selling interests emerged in the late session, dragging prices below the moderate support at RM3,094/MT. The market has picked up negative momentum from the top and today’s renewed downward pressure has exposed the market to extended downside risk towards the RM2,838/MT level in the near term. Expect successive rounds of bear-assaults in the coming sessions.

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