The CPO futures continued to be under pressure, underpinned by falling energy prices and the lack of fresh fundamental inputs. The SEPTEMBER delivery contract fell RM46 to close at RM2’129/MT.
The benchmark SEPTEMBER delivery contract skidded further since the early session on a weaker energy futures tone. For the rest of the day, it was going no where at all, trapped within a staunch, sideways-consolidation mode. It was ranging between RM2’130/MT to RM2’115/MT for most part of the afternoon as speculators opted to remain at the side-line.
Further price weakness is expected from here. A sustained recovery is not in sight at the moment, not until a new low is recorded - below the recent low of RM2’085/MT.
The benchmark SEPTEMBER delivery contract skidded further since the early session on a weaker energy futures tone. For the rest of the day, it was going no where at all, trapped within a staunch, sideways-consolidation mode. It was ranging between RM2’130/MT to RM2’115/MT for most part of the afternoon as speculators opted to remain at the side-line.
Further price weakness is expected from here. A sustained recovery is not in sight at the moment, not until a new low is recorded - below the recent low of RM2’085/MT.
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