8.25AM: With the soy oil (-1.8%) closed lower, FCPO may continue to drift lower to test the support level of 2441. Any follow through selling is likely to see 2400 level coming into focus. FCPO Aug09 may open within 2441-2450 levels, today.
FCPO closed at 2485, down 16 pts. Palm oil managed to hold on to its levels on fear that a possible return of El Nino weather pattern may disrupt seasonally higher production in the second half.
Palm oil still managed to maintain its composure. A higher crude oil prices also contributed as a supportive factor. The day’s high of 2519 would be the immediate resistance level. The next crucial resistance lies at 2550 level.
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