What a rally and bullish for CPO and it will continue uptrend until November 2020 (My 2cent personal prediction)..
from my sight, it will continue to hit 2972 and so on will continue to reach higher prices until it is able to reach the price level of 3000..
CPO Physical Price as per MPOB (Local delivery) - 20 Oct 2020 - Source: MPOB
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FOR SOME REASON
1. Malaysian palm oil futures rose for a second straight session on Wednesday, tracking strength in rival Dalian oils and as exports picked up amid slowing production
2. CBOT soybean futures rose on Wednesday, flirting with the 2-1/2-year peaks reached earlier this month, on concerns about dry weather in South America and strong demand for U.S. exports
3. The ringgit ended higher amid bullish sentiment following fresh hopes for a new US stimulus package after it was reported that the White House and Democratic Party negotiators were willing to continue their discussions over US stimulus deals
4. Palm oil on the European vegetable oils market eased on Wednesday after starting the day firmly following gains in Malaysian palm oil futures on the back of hopes for improved export demand
SOURCE: Reuters
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Till Then, Happy Trading & TAYOR
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.
from my sight, it will continue to hit 2972 and so on will continue to reach higher prices until it is able to reach the price level of 3000..
CPO Physical Price as per MPOB (Local delivery) - 20 Oct 2020 - Source: MPOB
.
.
FOR SOME REASON
1. Malaysian palm oil futures rose for a second straight session on Wednesday, tracking strength in rival Dalian oils and as exports picked up amid slowing production
2. CBOT soybean futures rose on Wednesday, flirting with the 2-1/2-year peaks reached earlier this month, on concerns about dry weather in South America and strong demand for U.S. exports
3. The ringgit ended higher amid bullish sentiment following fresh hopes for a new US stimulus package after it was reported that the White House and Democratic Party negotiators were willing to continue their discussions over US stimulus deals
4. Palm oil on the European vegetable oils market eased on Wednesday after starting the day firmly following gains in Malaysian palm oil futures on the back of hopes for improved export demand
SOURCE: Reuters
.
.
.
Till Then, Happy Trading & TAYOR
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.
