BURSA MALAYSIA DERIVATIVES BHD
Thursday, August 30, 2007
Source from The Star

The Crude Palm Oil Futures Closing: Wednesday, August 29, 2007

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	Vol	O.P
SEP 07	2475	2475	2446	2463	825	3207
OCT 07	2432	2432	2394	2406	2715	15693
NOV 07	2395	2402	2368	2378	4860	19733
DEC 07	2375	2375	2354	2365	1103	8473
JAN 08	-	-	-	2357	-	2266
FEB 08	-	-	-	2345	-	113
MAR 08	-	-	-	2331	-	1086
MAY 08	-	-	-	2315	-	1051
JUL 08	-	-	-	2370	-	872
SEP 08	-	-	-	2363	-	584
NOV 08	-	-	-	2355	-	366
JAN 09	-	-	-	2298	-	655
MAR 09	-	-	-	2259	-	364
MAY 09	-	-	-	2259	-	115
JUL 09	-	-	-	2259	-	-

	Total Open Position	: 54,578 ctrs
	Total Turnover	: 9,503 lots
	Market tone	: Lower

The Palm Kernel Oil Futures

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	VOL	O.P
SEP 07	-	-	-	2986	-	-
OCT 07	-	-	-	2986	-	-
NOV 07	-	-	-	2986	-	-
DEC 07	-	-	-	2986	-	-

	Total Open Position	: Nil
	Total Turnover	: Nil

 

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The CPO futures trended lower on negative influence from the weak global equity markets. The November delivery contract tumbled RM34 to end at RM2,378/MT.

The actively traded November delivery contract continued to slip as traders were selling out open positions in a bid to repair damages sustained in the recent equity markets sell down. Moreover the rosy future demand outlook that it used to enjoy is now mildly jeopardised by a prospective slowdown in the global economy. This is keeping aggressive buying enthusiasm to a minimal for now.

Now trading below the crucial overhead resistance level at RM2,391/MT, short-term bearish technical indicators are pointing to a re-test of the immediate downside objective at RM2,355 and the recent pivot support at RM2,314/MT.

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