Wednesday, March 10, 2010

DJ MARKET TALK: BMD CPO Futures Up On Record Low End-Month Stocks

[Dow Jones] BMD CPO futures up on record low
end-month stock levels, say traders. Benchmark May CPO
contract up MYR22 at MYR2,672/ton. According to MPOB
data, end-February stocks down 11% on month at 1.79
million tons, lowest level since September 2009.
"Exports are performing according to market expectations
rather than falling, so with lower end-month stocks, CPO
prices should hold around MYR2,650-MYR2,700 this week,
" says a Kuala Lumpur-based trader.

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