Chart 1: CPO's October futures 60-minute chart as at September 21 (courtesy of ifs.marketcenter.com)
Chart 2: Soyabean Oil's monthly chart as at September 21 (courtesy of Tradingcharts.com)
Monday, September 24, 2007
Palm Oil prices may rally
The rally in the futures market for Palm Oil on Friday is expected to continue (see Chart 1 below). The firmer price is attributed to an expected fall in rapeseed & soyabean output in China. From Chart 2 below, we can see that soyabean price has just surpassed its recent high recorded in first quarter 2004 (albeit some correction was witnessed last week). The better prices for CPO is the catalyst for the recent resumption of uptrend for many bluechip plantation stocks as well as some second- & third-liners in that sector.
Chart 1: CPO's October futures 60-minute chart as at September 21 (courtesy of ifs.marketcenter.com)
Chart 2: Soyabean Oil's monthly chart as at September 21 (courtesy of Tradingcharts.com)
Chart 1: CPO's October futures 60-minute chart as at September 21 (courtesy of ifs.marketcenter.com)
Chart 2: Soyabean Oil's monthly chart as at September 21 (courtesy of Tradingcharts.com)
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