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Thursday, April 1, 2010
DJ MARKET TALK: BMD CPO Down On Long Liquidation; May Recover
[Dow Jones] BMD CPO futures down on long liquidation; weak crude oil weighs, say traders. Benchmark June CPO contract down MYR20 at MYR2,536/ton. Midday, May Brent crude on London's ICE futures down $0.30 at $82.40/bbl. "Sentiment is slightly bearish based on weak fundamentals of rising production and weakening exports, but this is something that is already widely known in the market," says a Kuala Lumpur-based trader. Adds prices may head toward positive territory in afternoon trade as participants square off positions ahead of long weekend. Support seen at MYR2,520, resistance at MYR2,550.