Business Services Industry

Extension of price advances in early trade expected, BUSINESS TIMES

Business Times (Malaysia), September, 2003 by W.Q. Mun

Business Times (Malaysia) 09-16-2003 Long term: Uncertain. Short-term: Bullish Momentum index: 66 Relative strength index: 64 Observations: An extraordinarily strong surge in US soyabean oil futures kick-started the local crude palm oil (CPO) futures market into bull mode last week, despite poor export estimates.

The near-limit up 97-point jump in US soyabean oil futures last Thursday sent the local market into buying frenzy last Friday. The US Department of Agruculture (USDA) last Thursday forecast a shockingly low soyabean crop of 2.758 billion bushels for the 2003 crop year, the samllest harvest in seven years. The upshot was a 97-point jump in the active September 2003 soyabean oil futures contract, which was followed up last Friday with a...

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