Friday, November 13, 2009

Crude Palm Oil futures outlook

Good morning everyone, usually I will update my blog once every morning because that is the time I find it I am capable of doing so. Ok, 1st things 1st, the news.
-U.S. equity benchmark indexes fell from 13-month highs as energy shares slumped following bigger- than-estimated growth in oil stockpiles, erasing an earlier advance spurred by Hewlett-Packard Co.’s takeover of 3Com Corp. The dollar rose the most versus the euro since August. The Dow Jones Industrial Average lost 93.79 points, or 0.9 percent, to 10,197.47. Eight stocks retreated for each that rose on the New York Stock Exchange.
-Palm oil production will be slow down at the moment as heavy rains have been falling regularly over the states of Kelantan, Terengganu and Pahang, and the Malaysian Meteorological Department has issued an alert saying that rains are likely to continue until next week.
-Crude oil traded near $77 a barrel in New York and is poised for its second weekly decline in three on signs fuel demand is slowing in the U.S., the world’s biggest energy consumer. Crude oil for December delivery fell $2.34 to $76.94, the lowest settlement since Oct. 14.

FCPO Daily Chart

For CPO, still hovering within range. While break out or break down is imminent, pay attention to the candle and volume that make the breach the price range. I am still bullish for CPO as demand keep going up (based on previous export figure).
Disclaimer: The author will not liable for any loss incur in this write up or any trade recommendation made in this websites.


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