Monday, March 29, 2010

DJ MARKET TALK: BMD CPO Futures Off Highs Midday;Supply Rise Weighs

[Dow Jones] BMD CPO futures off highs midday; may give up gains in afternoon session on profit-taking, traders say. "Prices couldn't break resistance at MYR2,557/ton in early trade, and this may prompt investors to liquidate their positions later in the day," says Malaysia-based trading executive; adds supply fundamentals likely to weigh as March CPO output improved. CPO market likely to remain rangebound between MYR2,520-MYR2,600/ton as investors to focus on March 1-31 palm oil exports as figures "should provide a better gauge whether (export) demand could put further pressure on palm inventories at the end of March," says analyst at Kuala Lumpur-based Kenanga Deutsche Futures. Benchmark BMD June CPO futures trading MYR6 higher midday at MYR2,540/ton, off intraday high of MYR2,557/ton.


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