Crude palm oil (CPO) futures on Bursa Malaysia Derivatives may test new highs this week as they move into the New Year, fuelled by renewed interests from traders and concerns over tight supplies, dealers said.
A dealer said although it would be tough to predict the direction of the prices this week, they definitely would be on the uptrend.
“We expect the uptrend for the first two weeks of January, which may potentially push prices pass the psychological RM4,000 resistance,” he said.
He said the supporting level would be at RM3,700 with resistance at RM3,800 this week.
Another dealer said CPO price would increase further after pro-fit-taking on Wednesday on the overall sentiments of the global grain market and supply concerns due to the local wet weather.
For the holiday-shortened week, CPO futures hit a 33-month high on Tuesday on the strength from other vegetable oils markets.
No comments:
Post a Comment