CPO Approaching Strong Reisistance Zone
CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday on low stock expectation and gains in the crude oil price, dealers said. The crude oil price was hovering at a two-week high of US$77 (US$1.00 = RM3.26) per barrel.At close, the July 2010 contract closed RM11 higher at RM2,460 a tonne, August 2010 added RM28 to RM2,423, September gained RM28 to RM2,381 a tonne and October 2010 increased RM28 to RM2,363.
Volume, however, dropped to 10,665 lots from 13,841 lots on Tuesday and open interest rose to 72,521 contracts from 72,201 contracts previously.On the physical market, July South ended RM30 higher at RM2,460 a tonne . Recommendations
Plenty of roadblocks ahead
SELL at 2400 level with stops at 2425
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