[Dow Jones] BMD CPO futures down on profit-taking after yesterday's strong
gains, say traders. Price upside for BMD likely weighed down by lackluster
trade in soyoil prices, says Malaysia-based exporter; adds prices may remain in
consolidation mode today. While palm oil prices likely supported by expected
decline in February output, "it remains to be seen if output will fall
(significantly) to keep end-February inventories below the 2-million mark,"
says analyst from Kenanga Deutsche Futures, adding domestic consumption during
Lunar New Year celebrations may have risen despite lower export demand.
Benchmark BMD May CPO futures trading MYR12 lower at MYR2,618/ton, off intraday
low of MYR2,615/ton. May soyoil trading 4 points lower at 39.86 cents/pound.