Wednesday, June 9, 2010

DJ MARKET TALK: BMD CPO Futures May Open MYR10-MYR15 Higher

[Dow Jones] BMD CPO futures likely to open MYR10-MYR15 higher on short covering, technical buying, traders say. "CPO may stage technical rebound at opening after recent losses," says executive at Kuala Lumpur-based brokerage; adds CPO to trade sideways ahead of MPOB data on end-May stocks, output, exports due Thursday. Immediate resistance at MYR2,450, with support at MYR2,425/ton today, says analyst in Singapore; crude's rise in Asia supportive. Benchmark BMD August contract ended MYR17 lower at MYR2,432/ton yesterday. Nymex July crude trading 52 cents higher at $72.51/bbl on Globex.

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(END) Dow Jones Newswires

06-08-10 2153ET
Copyright (c) 2010 Dow Jones & Company, Inc.

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