CPO futures close mostly higherCRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended mostly higher yesterday, as market players increased their holdings ahead of the weekend, said dealers.
One of the dealers said the ringgit's continuous appreciation would likely continue next week, making investors worry that it meant more cost for export.
Before the CPO price escalate further, some of the market players increased their holdings, he said.
At close, September 2010 was at RM2,820 a tonne, October 2010 was up RM17 to RM2,702 a tonne, November 2010 rose RM30 to RM2,645 a tonne and December 2010 closed RM31 higher to RM2,627 a tonne while new contract, January 2011, stood at RM2,620 a tonne.Total volume surged to 19,046 lots from 16,002 lots on Wednesday while open interest improved to 68,199 contracts from 66,747 contracts on Wednesday.On the physical market, September South declined RM20 to RM2,730 a tonne from RM2,750 a tonne on Wednesday.
SOYBEAN OIL FUTURES (DEC)
Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market setup is supportive for early gains with the close over the 1st swing resistance.
The near-term upside target is at 42.85. The next area of resistance is around 42.64 and 42.85, while 1st support hits today at 41.95 and below there at 41.46.
Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market setup is supportive for early gains with the close over the 1st swing resistance. The near-term upside target is at 42.85. The next area of resistance is around 42.64 and 42.85, while 1st support hits today at 41.95 and below there at 41.46.HAPPY WEEKEND
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