FCPO Extra With Weekly Chart

 

 

Here is anothers extra on CPO chart based on weekly data. Hope it will give u some idea on When n Where ^_^

 

Crude palm oil futures on Malaysia’s derivatives exchange ended lower Friday for the third consecutive day as investors liquidated riskier positions ahead of key crop report by the U.S. Department of Agriculture Friday and March palm oil export data.

The benchmark June contract on the Bursa Malaysia Derivatives ended 0.7% lower at MYR3,433 a metric ton after moving in a MYR3,426-MYR3,445 range. Palm oil has gained 6.4% this quarter buoyed by bullish price forecasts, tepid CPO production growth and worries about tightening supplies of global vegoils.

"The market will likely continue to strengthen in the upcoming quarter as limited availability of soyoil will see a shift in export orders to Southeast Asian palm oil," an analyst at a Kuala Lumpur-based investment bank said.

Trading executives said March palm oil exports may have reached 1.23 million tons, up 4%-5% from a month ago.

Cargo surveyors SGS (Malaysia) Bhd. and Intertek Agri Services put February exports at 1.17 million and 1.18 million tons, respectively. Intertek is scheduled to issue March data on Saturday while SGS figures are due Monday.

Palm oil will likely find support in the second quarter from firm festive demand, as buyers from the Indian subcontinent and the Middle East may stock up vegoils ahead of the Muslim holy fasting month of Ramadan in July, when Muslims break the fast in the evening with feasts and dinner gatherings, lifting overall consumption of cooking oils.

Leading vegoils analyst Dorab Mistry reiterated a bullish forecast at an industry conference in Beijing earlier this week, tipping CPO prices to climb to a four-year high of MYR4,000/ton by the end of June before Ramadan begins, as "demand for palm oil will be greatest just when production will not have had time to recover."

"We are likely to see very tight stocks and a run-up in prices," Mistry said.

In the cash market, refined palm olein for July/August/September was traded at $1,145/ton and $1,147.50/ton, free on board Malaysian ports, a physical market broker in Singapore said.

Open interest on the BMD was 125,871 lots, versus 123,032 lots Thursday. One lot is equivalent to 25 tons.

A total of 21,018 lots of CPO were traded versus 20,280 lots Thursday.