Improved October Export Leads CPO Rebound
Analyst Quote
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday following stronger export data for the first 20 days of this month, dealers said.
At the closing bell, the November 2010 increased RM70 to RM2,990 a tonne, December 2010 was up RM76 to RM2,990, January 2011 added RM65 to RM2,984 and February 2011 was up RM60 to RM2,978. On the physical market, October South gained RM60 to RM2,990 a tonne.
Prices slipped into the red earlier in the day, after China in a surprise move raised interest rates, which led to a knee-jerk reaction across most asset classes.
After a dismay Tuesday, prices on Malaysia’s derivatives exchange rallied Wednesday, shrugging off earlier losses on late buying interest after export figures released by cargo surveyor Societe Generale de Surveillance for October 1 to 20 rose 5.4 per cent to 929,473 tonnes from 881,812 tonnes shipped from September 1 to 20.
Cargo surveyor Intertek Agri Services pegged exports during the first 20 days of October at 944,700 tons, up 4.2% on month
Open interest on the BMD was 71,412 lots, versus 71,504 lots Tuesday. One lot is equivalent to 25 tons. A total of 19,252 lots of CPO were traded versus 18,175 lots Tuesday.
CPO Rekomen
It is DEJA VU
Buy At Weakness
HAPPY TRADING
Analyst Quote"The bulls are very aggressive in the market. The buying momentum may continue in the next (trading) session, with prices likely to test the psychological level of MYR3,000/ton."
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday following stronger export data for the first 20 days of this month, dealers said.
At the closing bell, the November 2010 increased RM70 to RM2,990 a tonne, December 2010 was up RM76 to RM2,990, January 2011 added RM65 to RM2,984 and February 2011 was up RM60 to RM2,978. On the physical market, October South gained RM60 to RM2,990 a tonne.
Prices slipped into the red earlier in the day, after China in a surprise move raised interest rates, which led to a knee-jerk reaction across most asset classes. After a dismay Tuesday, prices on Malaysia’s derivatives exchange rallied Wednesday, shrugging off earlier losses on late buying interest after export figures released by cargo surveyor Societe Generale de Surveillance for October 1 to 20 rose 5.4 per cent to 929,473 tonnes from 881,812 tonnes shipped from September 1 to 20.
Cargo surveyor Intertek Agri Services pegged exports during the first 20 days of October at 944,700 tons, up 4.2% on month
Open interest on the BMD was 71,412 lots, versus 71,504 lots Tuesday. One lot is equivalent to 25 tons. A total of 19,252 lots of CPO were traded versus 18,175 lots Tuesday.
CPO Rekomen
It is DEJA VU
Buy At Weakness
HAPPY TRADING
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