Crude Palm Oil (CPO) May Open Higher but Upside May Be Limited

[Dow Jones] BMD Crude Palm Oil (CPO) may open higher at the MYR2,440-MYR2,450/ton level on higher soyoil prices, says a Kuala Lumpur-based broker. 

The upside however may be limited. Singapore-based Phillip Futures analyst Tan Chee Tat says in a note that a Doji candlestick pattern in Friday's trade points to a possible reversal of the recent uptrend; he maintains a bearish call on the commodity. The broker in KL tips resistance at MYR2,485/kg.

The industry is also looking out for the release of October 1-20 Malaysia export data from cargo surveyors later today. Benchmark January BMD Crude Palm Oil (CPO) settled 0.1% higher at MYR2,401/ton Friday. CBOT December soyoil is up 0.7% at 41.99 cents/lb in screen trade (huileng.tan@dowjones.com)