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Malaysia's palm oil futures fell, reflecting lower oil losses and the trade war between China and the United States.
The crude oil futures contract fell by 2.54 percent on Thursday, which was RM59 below RM 2323 during the previous Friday.
The average daily trading volume from Monday to Thursday increased 29.02 percent with a total average of 47,809 contracts traded, compared to a total average of 33,933 contracts traded from Monday through Thursday [19659002]. Monday's average daily interest increased from 1.76 percent to 255,374 contracts from 250,869 contracts from Monday through Thursday.
AmSpec reported that exports of palm oil products Imports of Malaysian palm oil products were 14.4% to 278,048 tonnes, compared with 324,947 tonnes shipped between the 1st and 10th of June.
Societe Generale de Surveillance (SGS) The volume of US soybean and soybean futures surged on Friday after a market rally, after reaching a lower level following concerns over escalating trade war with China [10]. 19659002] Palm oil has dropped six percent since the beginning of the month, tracking the weakness of related oils due to concerns over the US-China trade dispute and weak demand.
Palm oil production generally increases in the third quarter Malaysian output for June is forecast to fall by 11.1 percent to 1.36 million tonnes, its lowest figure for June since 2007, due from a shortage of manpower, according to a Reuter poll
. The exchange rate rose 0.16 percent to 4.04 from 4.0465 last Friday.
The euro fell to an eight-day low on Friday as US inflation spurred interest rate expectations and a loosening of trade tensions between the two countries. The United States and China have supported the dollar
Technical Analysis
According to the daily chart of the FCPO, the FCPO has resumed the losses of the session last week. On Monday, FCPO finished at 2268, four points higher than the previous close of 2,264, with a trade volume of 11,786.
Tuesday, FCPO finished at 2.259, nine points are lower than the previous previous of 2.268, with a traded volume of 24.525.
Wednesday, the FCPO finished at 2.184, 55 points lower than the previous previous of 2.259, with a traded volume of 16.624. FCPO finished at 2.184, 20 points lower than the previous previous of 2.184, with a traded volume of 23.846.
Friday, FCPO finished at 2.145, 39 points lower than the previous previous of 2.184, with a traded volume of 19.844.
Based on the daily candlestick chart, FCPO remains bearish.
Currently, RSI has shown that FCPO has reached a level of oversold but there is no sign of a rebound moment occurring soon. FCPO could test the first support level at 2.130, if FCPO fails to rebound, FCPO is expected to trade lower at first support at 2100.
We believe that FCPO could continue to fall over the next week.
to be positioned at 2,165 and 2,190, while the support lines will be at 2,130 and 2,100.
These levels will be observed in the coming week.
Main Fundamental News Next Week
AmSpec and SGS reports will be published on July 15th.
Oriental Pacific Futures (OPF) is a participant in trading and a participant in the clearing of Bursa Malaysia Derivatives. You can reach us at www.opf.com.my. Disclaimer: This article is written for general information only. Authors, publishers and OPF will not be liable for any damages or business losses resulting from the use of this article.
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