12 Jul 2007
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Total stock of crude palm oil rose 5.0 percent to 516,543 metric tons from 492,149 metric tons in May, the MPOB said.
"Despite lower export numbers, we believe Chinese demand for palm oil remains brisk," Hwang-DBS Vickers Research said in a note to clients.
Lower exports to the European Union and
"Demand for palm oil is still there, it's just that people don't want to buy at current levels," Kok Chee Leong, a futures dealer at CIMB Investment Bank, said.
"The continued drop in soya bean acreage in the
CPO prices are expected to trade between 2,300 ringgit and 2,500 ringgit for the remainder of the year, it said.
The brokerage said it has raised its CPO price forecasts for 2007 to 2009 by 9.5-15 percent.
It said it now expects average CPO price for 2007 and 2008 to reach 2,300 ringgit, compared to its previous forecast of 2,100 ringgit.
For 2009, the average CPO price is expected to be maintained at 2,300 ringgit, compared to the previous forecast of 2,000 ringgit, said Hwang-DBS.
(1 US dollar = 3.44 ringgit) aipeng.soo@thomson.com as/jg COPYRIGHT Copyright AFX News Limited 2007. All rights reserved.
Sumber: sharewatch.com
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