Tuesday, April 12, 2011

CPO Prices Supported by Wide Spread with Soy Oil
Interview on Malaysia's Business radio station - BFM89.9




Next View Sdn Bhd Chief Market Strategist Benny Lee sees crude palm oil price supported by wide spread with soyoil despite bearish sentiment over palm oil stocks being at the highest level since December. Soyoil has volatile trading patterns, but continued uptrend, charts show may increase a little bit more.

Though  sharp pull back in crude oil prices from $113 to $109 yesterday, decline hasn't changed bullish uptrend pattern of crude oil prices.Maintain target at $120 per barrel for crude oil.

Minimal impact from Japan earthquakes today and yesterday in short term.

Sees CPO trading sideways this week due to uncertainties, with a slight upward bias. Price to range from RM3,300 to RM3,500 per tonne.

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