Posted on July 9, 2009 - by kevdoit

Can I buy Golden Agri at these levels?

This question was posed to me earlier this week by friends, fellow golfers and even my wife. My response was you should read my Blog earlier Blog posts about palm oil prices.

Tomorrow is an important day for palm oil as Malaysia is supposed to release some production data on the June figues. Expectations are for a bumper crop so prices could fall further. At the point of writing – crude palm oil was trading at about M$2002 per tonne (see chart below). With further weakness expected in crude oil prices and an expected bumper crop, we could see palm oil prices fall further……our analyst Chong Yi mentioned to me this morning that a technical level was about M$1750 per tonne if the M$2000 per tonne doesnt hole.

Crude palm oil price chart

Read more…

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