Thursday, June 13, 2013
Asian CPO Ends Down; Bargain-Hunting May Emerge Friday
Palm oil futures on Malaysia's derivatives exchange fall to a 1-week low, tracking weaker equity markets and regional commodities. Further declines in palm oil are likely to be limited Friday, says a Kuala Lumpur-based trading executive, who sees some opportunistic buying Friday amid expectations that stockpiles in Malaysia, the world's no. 2 CPO producer, will ease further this month on seasonally higher export demand. Immediate support is seen at MYR2,405/ton and resistance at MYR2,480/ton. Benchmark August CPO settles down 1.1% at MYR2,424/ton after easing to MYR2,411/ton, a level not seen since June 6.