DJ MARKET TALK: BMD CPO Futures Off Highs; Correction Likely (2009/08/04 16:38PM)

[Dow Jones] BMD CPO futures off highs, prices ease on mild profit-taking; market due for correction after rebound in prices, say traders. "Prices are a tad firmer but a downside correction is likely to cover a price gap at MYR2,155-MYR2,175 levels," says Kuala Lumpur-based trading executive; adds prices now moving in reaction to price forecast by London-based vegetable oil analyst Dorab Mistry. Mistry earlier said CPO prices may trade in MYR2,100-MYR2,300 range over next few weeks on lower palm oil stocks, tight soybean supply. Benchmark BMD October CPO futures trading MYR5 higher at MYR2,300/ton, off intraday high of MYR2,345/ton. (LSL)