CPO futures likely on bearish tone next week..Beware
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to stay in a bearish tone as market sentiment continues to decline amid rising number of COVID-19 cases.
Estimate of pullback point is between 2692 - 2712..and if it fails to jump up again at 2683, most likely it will continue to fall up ..
Be careful with the movement and always take care of your risk..
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On a Friday-to-Friday basis, the CPO futures contract for October 2020 declined RM84 to RM2,846 per tonne, November 2020 retreated RM106 to RM2,766 per tonne, December 2020 narrowed RM114 to RM2,708 per tonne, and January 2021 was RM118 lower at RM2,674 per tonne
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Weekly volume slipped to 318,816 lots from 347,001 lots in the previous week, while open interest declined to 245,116 contracts from 253,795 contracts a week earlier
On the physical market, October South stood at RM2,880 per tonne.
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If you like this analysis, please make sure to like the post!
I would also appreciate it if you could leave a comment below with some original insight.
Estimate of pullback point is between 2692 - 2712..and if it fails to jump up again at 2683, most likely it will continue to fall up ..
Be careful with the movement and always take care of your risk..
.
.
On a Friday-to-Friday basis, the CPO futures contract for October 2020 declined RM84 to RM2,846 per tonne, November 2020 retreated RM106 to RM2,766 per tonne, December 2020 narrowed RM114 to RM2,708 per tonne, and January 2021 was RM118 lower at RM2,674 per tonne
.
.
Weekly volume slipped to 318,816 lots from 347,001 lots in the previous week, while open interest declined to 245,116 contracts from 253,795 contracts a week earlier
On the physical market, October South stood at RM2,880 per tonne.
.
.
.
If you like this analysis, please make sure to like the post!
I would also appreciate it if you could leave a comment below with some original insight.
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