With Crude oil hitting record high and CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd ended higher yesterday as crude oil price hit a record high of US$145 (US$1 = RM3.27) a barrel, dealers said. The high oil price was lending support to the global vegetable oil market, including palm oil, they said.
One of the dealers said that improved palm oil stocks and weak exports for the first 10 days of July held back gains as investors questioned when overseas orders would improve.
GAR looked interesting. Technically, GAR is well supported at 0.785 and hope it don't break on Monday due to bad market sentiment reacting to DOW.
Another important observation is that rate of fall in STI in sympathy with DOW has diminished and somewhat not quite coupled to DOW fall (See chart 1)
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