1. CPO prices should drop below RM3,200 soon (probably today) as soybean oil retreated 2.0% to 51.7 cents per pound overnight at CBOT market. Crude oil price also tumbled 3.7% to US$98.8 overnight. Concern on Europe is getting bigger as Spain bond yield is set to cross 7%.
2. 3Q result should be weaker QoQ as CPO prices has weakened in the quarter July-September. Among the big cap plantation company, IOI will kick start the result season today, which should register decline QoQ. Look for more QoQ decline...
3. Technically, some of plantation stocks has reach overbought level. For example, Genting Plantation 14-day RSI has touched 72 at closing price of RM8.02 yesterday. Rimbunan Sawit 14-day RSI reached 75 at closing price of RM0.94 yesterday.
ONLINE STORE - salvadordali
1 month ago
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