CPO Oct and Nov contract failed to break 2520 level this week and may retreat to 2335 level for coming week if the following data continue to weaken:
1. Soyabean - Friday close 37.79 (last week high 39.25). May retreat to 33.00 level if output incease.
2. Crude Oil- Friday close 67.51 (-3.00 compare to Thursday closing price).
3. Demand for CPO - the first 10 days Aug 09 Malaysia export already drop 13%. If the orders for CPO continue to reduce with the increase in output, the inventory level may go up to 1.4 m tonnes again at the end of August 09.
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