BMD CPO Moves Higher; Tracking Crude, Soyoil Gains

BMD CPO futures are higher, mirroring gains in crude oil and soyoil futures and amid worries that bad weather may stall harvesting in key oil palm areas in Malaysia.

 Palm oil's technical landscape is improving and "we could be on the way up again" as the market has risen past MYR3,085/ton, a technical analyst at Mumbai-based Commtrendz Research says; further buying interest could see CPO rising past MYR3,150/ton in the near term, he add. 

Benchmark February CPO is up 0.6% at MYR3,104/ton;

 e-CBOT January soyoil +0.1% at 50.28 cents/lb;

 Nymex January crude oil +0.2% at $101.44/bbl on Globex.