Thursday, April 8, 2010

DJ MARKET TALK: BMD CPO Futures May Open Little Changed

[Dow Jones] BMD June CPO futures expected to open little changed to MYR15 higher, tracking soyoil futures gains. "The ringgit is a tad weaker today, and this may give some leverage to CPO futures," says Kuala Lumpur-based broker, adds CPO likely rangebound, trading in MYR2,530-MYR2,550/ton range today. "Firmer soyoil (on CBOT) puts palm prices back at a discount to soyoil, which may be a good enough excuse for speculative buying in today's trade," says analyst at Kuala Lumpur-based Kenanga Deutsche Futures, pegging resistance at MYR2,565/ton. Benchmark BMD June CPO futures settled MYR19 higher at MYR2,539/ton yesterday.


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