FCPO - Sideway before MPOB Data Release
Updated
Impulsive swing target 2337 remain in FCPO price projection as long as price above 2262. The latest MPOB Aug survey data suggesting increase in inventory with CIMB released the most bearish survey data. As long holiday ahead, and MPOB data to release at 12 Sep after holiday. The market is expect to be trading sideway.
Bloomberg Poll Aug vs Jul MPOB:
Prodn 1.65m vs +1.50m (+10%)
Expt 1.24m vs 1.21m (+2.5%)
Stks 2.41m vs 2.21m (+9%)
Reuters Poll:
Prodn 1.65m (+9.88%)
Impt 50k
Expt 1.23m (+2.25%)
LDsp 270k
Stks 2.41m (+8.96%)
CIMB Poll:
Prodn 1.681m (+11.8%)
Impt 44k
Expt 1.236m (+2.5%)
LDsp 239k
Stks 2.464m (+11.3%)
Bloomberg Poll Aug vs Jul MPOB:
Prodn 1.65m vs +1.50m (+10%)
Expt 1.24m vs 1.21m (+2.5%)
Stks 2.41m vs 2.21m (+9%)
Reuters Poll:
Prodn 1.65m (+9.88%)
Impt 50k
Expt 1.23m (+2.25%)
LDsp 270k
Stks 2.41m (+8.96%)
CIMB Poll:
Prodn 1.681m (+11.8%)
Impt 44k
Expt 1.236m (+2.5%)
LDsp 239k
Stks 2.464m (+11.3%)
Note
As long holiday ahead with no further data release on today. Market is expecting to trade sideway in a range of 2300 to 2270. Daily ATR at 28, volatility at historical low in palm oil market. Trend followers please trade with cautious.Note
Please monitor dalian and soyoil for price indication today.
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