Plantations stocks could see rising trading activity on July 3 after crude palm oil (CPO) futures closed sharply lower.
CPO futures closed RM78 down to RM2,180 on concern that rising production this quarter might see prices retrace. Analysts were expecting palm oil production will rise in August. However, IOI Corp's statement that the worst is over could provide some reassurance.
The sharp overnight close on Wall Street would weigh on Asian markets today. US stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.
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