CPO Gain RM82; Off-high From Profit Takings
The benchmark January contract on the Bursa Malaysia Derivatives exchange ended MYR82 higher at MYR3,273 a metric ton after rising as much as 4.9% to MYR3,328/ton in early trade, a level not seen since July 18, 2008.
The benchmark January contract on the Bursa Malaysia Derivatives exchange ended MYR82 higher at MYR3,273 a metric ton after rising as much as 4.9% to MYR3,328/ton in early trade, a level not seen since July 18, 2008. Crude palm oil futures on Malaysia’s derivatives exchange ended off highs as soyoil and crude oil futures reversed early gains and moved into the red following profit-taking. 
Open interest on the BMD was 71,284 lots, versus 72,289 lots Thursday. One lot is equivalent to 25 tons. A total of 18,634 lots of CPO were traded versus 18,948 lots Thursday.
Analyst Quote
"For the third year in a row, incremental supply (of vegetable oils) will not match incremental demand. We must, therefore, begin to give up too many thoughts of any meaningful decline in vegetable oil prices during 2011."
SOYBEAN OIL (DEC) 11/09/2010
Rising stochastics at overbought levels warrant some caution for bulls. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market could take on a defensive posture with the daily closing price reversal down. It is a slightly negative indicator that the close was under the swing pivot. The near-term upside target is at 53.15. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 52.49 and 53.15, while 1st support hits today at 51.53 and below there at 51.22.
Rising stochastics at overbought levels warrant some caution for bulls. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market could take on a defensive posture with the daily closing price reversal down. It is a slightly negative indicator that the close was under the swing pivot. The near-term upside target is at 53.15. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 52.49 and 53.15, while 1st support hits today at 51.53 and below there at 51.22.December Soybean Oil finished down 0.21 at 52.01, 0.84 off the high and 0.13 up from the low.
CRUDE OIL (DEC) 11/09/2010
Momentum studies are trending higher but have entered overbought levels. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close over the pivot swing is a somewhat positive setup. The near-term upside target is at 88.33. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 87.65 and 88.33, while 1st support hits today at 86.13 and below there at 85.28.
Momentum studies are trending higher but have entered overbought levels. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close over the pivot swing is a somewhat positive setup. The near-term upside target is at 88.33. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 87.65 and 88.33, while 1st support hits today at 86.13 and below there at 85.28.December Crude Oil closed up 0.04 at 86.89. This was 0.93 up from the low and 0.60 off the high.
HAPPY TRADING
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