02 Apr 2012 BMD CPO
Higher; Market 'Overbought' - Broker
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CPO futures are pushing higher,
supported by gains in CBOT soy futures and improving demand prospects for the
tropical oil as supplies for rival soyoil may remain tight.
Still, the BMD may
be poised for a pullback toward MYR3,490/ton as the market is "overbought," a
Kuala Lumpur-based broker says; "investors will also look to CPO production in
April and a slew of industry data next week to gauge Malaysia's inventory
levels," he adds.
Benchmark June CPO is up 2.9% at MYR3,532/ton. CBOT May soyoil
rises 0.6% at 55.43 cents/lb in screen trade.
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