CPO Market suffered a Slump of almost 120 points from 2726 due to Corn Oil and Soya Bean Production Over Supply at South America, this has resulted a Sell off at CPO here. Corn Oil Price are now more stable and is rebounding, so good time to Long CPO when its lower now. Estimate that CPO Prices will break 2850 within the coming 2 months.
Oil Price maintain above USD 82.00 for now, testing USD83.00 a few times. Everytime Oil goes up every USD1, CPO would go up about RM25 if Corn Oil and Soya Bean Oil also increases.
Futures is facing some resistance at 1305. Should KLCI breaks above 1300, it should break 1320 before it goes up to 1350.
US market is holding strong at DJ 10,600 points. Should this support is broken and breaks below 10,000, we will be looking at KLCI testing 1250 again.
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