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BMD CPO futures may retreat at the start
of trading, as investors are likely to lock in profits on Monday's gains to the
highest levels in six weeks.
"In the absence of any fresh news on weather in
Southeast Asia, the market is unlikely to rise past Monday's intraday high," a
trading executive in Jakarta says; he tips support for the benchmark contract at
MYR3,052/ton.
Still, firm export demand for palm oil in August and a likely
drawdown in Malaysian stockpiles could limit downside, says a trading executive
at a KL-based plantation firm. Benchmark November ended up 0.7% at MYR3,091/ton
Monday.
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