8.30AM: Soy oil futures finished lower Wednesday, spiilover weakness from crude oil futures. The absence of fresh fundamental news promoted a consolidative theme, with traders taking a cautious approach ahead of the delivery period for July futures and key June 30th government acreage report.
Sep09 contract may open within 2235-2255 levels, today.
FCPO closed 2250, down 36 pts Wednesday. Market traded lower and in a tight range-bound, in line with lower soy oil during Asian hours.
Palm oil market ended with little activities. The absence of fresh fundamental developments kept most participants on the sidelines. FCPO remains a ‘sell on rally’. The immediate resistance is 7-SMA@ 2293. The stronger resistance lies at 2350 level
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