8.30AM: Soy products stumbled Thursday, as pressured by weather outlooks projecting favorable conditions for crop development heading into next week. Mixed signals from outside markets left futures without clear directions, keeping the market in a consolidative phase.
FCPO Sep09 may open within 2300-2320 levels, today.
FCPO closed 2299, down 76 pts Thursday. Palm oil took a nosedive as fears of poor demand sparked speculative selling.
Losses accelerated further as the support level of 2350 was breached. Technical chart points to a weak market and there is still more downside potential in palm oil market. The immediate ‘sell on rally’ is at 2350 level. The next ‘sell on rally’ lies at the stronger resistance of 2414 level.
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