BMD CPO futures are higher in early trade, taking support from tight global vegoil supplies due to a drought in the U.S. and soy production deficits in South America. A Kuala Lumpur-based trading executive says palm oil is "underpinned by supportive demand-side fundamentals after a pullback in prices and palm oil's wide price discount to rival soyoil spurred buying by price-sensitive consumers." End-June palm oil stockpiles are probably down 3% at 1.71 million tons, compared with May's level of 1.76 million tons, a Singapore-based analyst says. Brokers tip next resistance at MYR3,100/ton. Benchmark September CPO is up 1.4% at MYR3,060/ton.
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Posted by richman > 2012-07-02 11:25 | Report Abuse
hv been on accumulation mode go for the cb.lot of upside