Friday, March 26, 2010

DJ MARKET TALK: BMD CPO May Open MYR10 Down On Overnight Soyoil

[Dow Jones] BMD CPO futures expected to open MYR10 lower on overnight soyoil futures. May soyoil ended 38 points lower at 38.70 cents/pound yesterday on CBOT; last trading 20 points higher on e-CBOT. Today, CPO may test MYR2,550 support level--significant because if breached, prices may consolidate at lower
level, likely MYR2,500, says a Kuala Lumpur-based trader. Adds if support holds, market may move higher, test resistance level of MYR2,600. Benchmark June CPO contract ended MYR15 higher at MYR2,575/ton yesterday. (

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