As Sifu expected, cpo will go down to 3250. By today, it hit to 3240 then turn up to cover gap and closed at higher point 3270. Ini normal and seasonal situation, if gap sangat besar, in near term cpo will cover the gap. This situation always happen before before this.
Evening session, most producer of palm oil expected demand improved and export will be better than last month( March ). Tambah lagi, crude oil become positive in late trading coz of higher consumption in US on weaken USD. Ada lagi, ribut taufan in USA also support the price of Soybean and Corn ( Rival Price ).
By next week, beware of Export report on 30th April ( ITS, SGS ) . If positive as palm oil producer expected, FCPO likely to rise, higher demand. BUT, hati-hati dgn Indon export tax will take effect on May 2011 and higher production on both country.
So, congratulation for those who open short yesterday and take profit by today. Better use spread trading if wanna overnight. Still uncertainty on long holiday. Eye on export report.
Discipline! Minimize loss! Maximize profit! Apa yang penting, Kerjasama.... Happy holiday. Nice Sleep.