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MPOB Says Palm oil output in Malaysia, rose 13% to 1.69m metric tons in April from month earlier.
Stockpiles climbed 18% to 2.19m tons, while exports dropped 0.6% to 1.18m tons.
MALAYSIA MAY 1-10 PALM OIL EXPORTS 458,677 TONS, up 41%: INTERTEK
Long Term Positions updated: 13th May 2015
Trade 375 is doing fine, for now, I hope FCPO July would charge ahead non stop but unfortunately we are likely to see some retracement today. Reason due, Soy oil was traded 1.2% lower overnight, the last recorded price was 32.96 cents per pound. We are likely to see at least 10 points lower opening for July contract. Overall on short term, palm oil futures is still Bearish, but things might change if the July contract retrace back below 2,140 level again. Bear in mind, stockpiles and output are still rising for the month of May vs Apr. Range for today likely, 2,220~2,180.
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.
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