nchmark June contract.Increased soybean’s planting acreage in US has pressurized the cpo futures. Turnover reduced to 5,900 contracts from 8,264 contracts while open interest fell to 27,115 contracts from 27,980 contracts.
For records, previous month ITS and SGS stood at 1,168,539 and 1,160,000 respectively.Other Highlight(s): - Soybean futures in CBOT ended lower succumbing to selling pressure associated with economic woes and lack of fresh supportive news. May soybean ended 12 ½ cents lower at $9.04 ½ while May soyoil finish 38 points lower at 32.04 cents per pound. (Dow Jones)-
Crude oil futures dipped below $50 a barrel Monday, as the strengthening dollar and grim economic outlook knocked away support for recent highs.
Crude oil futures ended $3.13 lower at $49.25
Malaysian palm oil exporters are benefiting from the US recession, as cost conscious Americans buy more ready-to-eat meals that are mainly cooked in palm oil and margarine.
(BT)Market Outlook:
For today, the plunged in crude oil and soyoil overnight will further pressure the cpo market. The market is expected to open RM10-RM20 lower with limited downside tracking E-CBOT has started to rebound by more than 1 percent. Investors are staying aside ahead of export data due to be released today. For intraday, investors may long at RM1940/MT level and short around RM2023/MT levels. HAPPY TRADING !!!
For today, the plunged in crude oil and soyoil overnight will further pressure the cpo market. The market is expected to open RM10-RM20 lower with limited downside tracking E-CBOT has started to rebound by more than 1 percent. Investors are staying aside ahead of export data due to be released today. For intraday, investors may long at RM1940/MT level and short around RM2023/MT levels. HAPPY TRADING !!!
No comments:
Post a Comment