As for FCPO, market rose further yesterday following continued strong gains in China Dalian olein and soyoil futures. Firmer CBT soyoil and crude mineral oil were also supportive. Gains were however, checked by a quiet cash market and higher 1-20 April production estimates by Southern POMA.
Prices rose 5 to 37 higher in the morning and 41 to 14 higher in the afternoon. Strength in China Dalian olein futures, tied to China lowering the bank reserve requirement ratio to help the economy, continued to provide incentive for support. There is prospect of better Chinese demand as their palm oil stocks were estimated to be low. However, increasing production in the coming months and competition from South American soyoil may cap gains.
Technical view - prices are still holding within the 2100 - 2200 trading range. trend sideways ; RSI 48.94 ; parabolic SAR at 2205 ; support 2130 / 2100 / 2080 / 2050 ; resistance 2205 / 2250 / 2280.
In other news...
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FCPO rose further (RM2,173) after continue strong gain at China Dalian futures and Soyoil. Gain was however checked by a quiet Cash market and higher 1-20 April production estimates by Southern POMA.
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