Record Harvest in Store: Edible Oil Supply will Expand
The Crude Palm Oil Futures contract (FCPO) traded on Bursa Malaysia Derivatives ended 2010 with a 41% gain. The price thrust continued through early 2011 and momentarily flirted with RM4,000 - or RM3,967 to be exact - albeit with a negative divergence in RSI on Feb 10 before a correction set in.
As opposed to popular belief, there has not been any reduction in open interest that would suggest active long liquidation. On the contrary, open interest has amassed more than 10,000 lots as the price dipped 10-15% from the peak.
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