Malaysian palm oil futures rose for a fourth consecutive day, as traders expected improving Chinese demand and lower December production.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close higher at 2,486 ringgit ($577.20) a tonne. "We should be moving into strong demand coming from China because of their festival season in early February. Demand will pick up slowly but surely," said a Kuala Lumpur based trader, referring to the Chinese new year festive celebrations.
"December's production should also drop sharply, and traders don't want to take up short positions over the span of the long holidays." Traded volume stood at 30,267 lots of 25 tonnes each at the
end of the day.
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The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange gained 0.7 percent to close higher at 2,486 ringgit ($577.20) a tonne. "We should be moving into strong demand coming from China because of their festival season in early February. Demand will pick up slowly but surely," said a Kuala Lumpur based trader, referring to the Chinese new year festive celebrations.
"December's production should also drop sharply, and traders don't want to take up short positions over the span of the long holidays." Traded volume stood at 30,267 lots of 25 tonnes each at the
end of the day.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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