- Market closed lower after trading within previous day's range. Selling was prompted by weaker China Dalian futures and the lack of fresh supporting factors. Big drop in crude mineral oil price also undermined sentiment. Ringgit weakened about 0.3 pct but had little effect. Prices were 16 to 40 lower in the morning and remained weak in the afternoon
- There are concerns that supplies will increase further in Dec with some forecasts of higher end Dec stocks. Bullish factors are also lacking which gave ideas that market is not yet set for an up trend. However seasonally low production in Jan - Mar and prospect of increase use for biodiesel are likely to keep market supported at current relatively low levels.
- Technical view - Prices maintaining the sideway trading range of 1950 - 2050
Disclaimer: This only for education purpose. Not a buy call or sell call from us.
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