Monday, March 29, 2010

DJ MARKET TALK: BMD CPO Futures Up; Limited Upside; MYR2,518 Support

[Dow Jones] BMD CPO futures higher on short covering as crude oil, soyoil prices rise during Asian hours, say traders. But upside likely limited as Malaysia's CPO output in March expected to rise 7%-10% on month, says trading executive in Kuala Lumpur; adds market likely to stay in range ahead of USDA
planting report Wednesday. "The current rise in CPO prices may be short-lived...a downside correction may drag prices to test support at MYR2,518/ton, then MYR2,500 today," says analyst in Singapore.


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