BURSA MALAYSIA DERIVATIVES BHD
Monday, July 30, 2007
Source from The Star

The Crude Palm Oil Futures Closing: Friday, July 27, 2007

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	Vol	O.P
AUG 07	2658	2685	2655	2680	390	3514
SEP 07	2600	2630	2590	2624	1057	30275
OCT 07	2554	2592	2546	2583	4053	17186
NOV 07	2530	2560	2520	2555	834	6801
DEC 07	2530	2535	2530	2534	90	858
JAN 08	2520	2520	2520	2518	30	1911
MAR 08	2490	2490	2485	2485	20	1002
MAY 08	-	-	-	2460	-	1071
JUL 08	-	-	-	2444	-	912
SEP 08	-	-	-	2437	-	597
NOV 08	-	-	-	2429	-	366
JAN 09	-	-	-	2345	-	655
MAR 09	-	-	-	2335	-	364
MAY 09	-	-	-	2335	-	115
JUL 09	-	-	-	2335	-	-

	Total Open Position	: 65,627 ctrs
	Total Turnover	: 6,474 lots
	Market Tone	: Higher

The Palm Kernel Oil Futures

(Prices are in RM/tonne)

MONTH	OPEN	HIGH	LOW	SETT	VOL	O.P
AUG 07	-	-	-	3061	-	-
SEP 07	-	-	-	3061	-	-
OCT 07	-	-	-	3061	-	-
NOV 07	-	-	-	3061	-	-
DEC 07	-	-	-	3061	-	-

	Total Open Position	: Nil
	Total Turnover	: Nil

 

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RAPID decline in the Ringgit exchange rates and strong energy futures trend are encouraging further strenght in the CPO futures. The October delivery contract climbed RM15 to finish at RM2,583/MT.

The actively traded October delivery contract rose on continued robust buying support above the moderate resistance at RM2,568/MT. This drove the market higher to the day-high at RM2,592/MT on broad-based short-covering and speculative-motivated buying momentum.

Nevertheless, bullish longer-term outlook on the prospective demand for the edible oil is attracting increasing buying interests on price dips. And a successful breach above the immediate minor resistance at RM2,592/MT will encourage extended surge towards the RM2,632/MT pivot resistance and RM2,657/MT objective levels. On the other hand, weakness below the immediate support at RM2,572/MT will attract short-term profit-taking inspired selling interests to emerge. This will open up downside towards the staunch support at RM2,550/MT and RM2,539/MT.

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