CPO price is heading for the highest monthly average
The FBM KLCI continued to slide as it dipped to just above the 1,610 level despite a promising opening attributed to late profit taking activities by foreign funds again.
“We suspect recent outflows of foreign funds can be due to expectations of a smaller rate cut by the Federal Reserve, which also saw the MYR weakening against the greenback to currently RM4.36.”
CPO Price
All said, the crude palm oil (CPO) price is heading for a highest monthly average closing for October at RM4,391/tonne thus may see some focus on the Plantation stocks.
“For today, we expect the index to hover within the 1,610-1,620 range.” says Rakuten.
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