26/3/2018
FCPO June 18
Previous Close: 2426 -21
Malaysia April export taxes to resume, with production expect to rise moving forward. The current high inventory sentiment have limited upside for CPO for the coming months. Buyers may re-stock before the 5% export ate rate take effect, thus there will be no surprise, if month of Mar export is expecting to have better demand. Meanwhile, Dalian Palm Olein is trading 0.2% lower than previous closing. CPO market is awaiting export data from AmSpec and SGS.
FCPO spread pricing neutral on Jun, Jul, Aug month. A indecision market awaiting seasonal trend to confirm itself.
The Weekly chart remain bearish, closed slightly above major support 2420. While Daily chart suggesting CPO market trading in range between 2458 to 2410. Last Friday intraday range only 25 points, relatively small range, intraday day trader please be cautious while market have low volatility.
*Classic Support & Resistance*
Resistance: 2458
Support: 2417 2407
*Recommend Trading Plan for the day:*
*FCPO Margin Requirement*
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
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