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An 18% jump in MPOB's end-July palm oil
stockpiles to 2 million tons amid a 15% rise in July CPO output matched market
expectations; though crop data is overshadowed by weak Aug 1-10 export numbers,
as falling prices have yet to stimulate any pick-up in demand, ANZ Research says
in a note.
Still, further declines could be limited as futures are well
supported near $900/ton (MYR2,800) which is "also a key level that has
historically uncovered demand."
A further lift in palm values could come on the
back of generally stronger soybean complex, which will lift soyoil as well, it
notes.
"We would look to enter an outright long position in October palm oil
futures at a move down to $900/ton" and target an initial upside of $965/ton
over the next 2 months. The benchmark October contract is down 0.3% at
MYR2,855/ton.
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