Malaysia BMD crude palm oil futures closed higher in midday
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Last Update: 2008-11-03
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Source: Internet
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Author: User
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Introduction: Malaysia BMD crude palm oil futures closed sharply higher in the afternoon, encouraged by speculative buying The benchmark may crude palm oil contract rose 25 ringgit to 1413 ringgit per ton, with 3558 transactions Traders said the market's rise was mainly due to speculative buying and the lack of new positive supply and demand news Gains in CBOT soybean oil futures and Asian electronic trading also supported gains in the palm oil market Traders said people were excited by rumours that a large market player would buy in the spot market The breakthrough of rm1400 psychological level can encourage technical buying in the afternoon The next resistance level of rm1420 is expected to be tested in the near future
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