Palm Oil to Open Gap-Down After Soyoil Tumble – 11:20 AM – January 13, 2015 BMD crude palm oil is likely to open gap down after a 3% tumble in the soyoil market overnight after the USDA reported bumper soybean harvest estimates for 2014 and 2015. Some traders are looking at prices testing the psychological MYR2,300/ton support. Despite supply concerns due to floods in Malaysia, traders say some correction in palm prices is expected after robust gains last week, as the extent of damage from the floods is likely short-term. Benchmark March BMD CPO closed 0.6% higher at MYR2,361/ton Monday.
Posted on: Tue, 13 Jan 2015 09:29:58 +0000
Recently Viewed Topics
© 2015