TA FUTURES SDN BHD (340271-W) A member of the TA group BMD FCPO FUTURES DAILY COMMENTARY – 21 th January, 2015 (Wednesday) 32nd Floor, Menara TA One, 22 Jalan P. Ramlee, 50250 Kuala Lumpur, Malaysia. For comments and enquiries, please contact us at Tel: +603-2072-4832, Toll Free : 1-800-88-1506 Fax: +603-2072-5001,Website : www.tafutures.com.my Settlement Month Open High Open Interest Low Volume Price (MYR) Changes Lots Changes -430 Feb-15 2345 2358 2335 2337 -5 528 7242 Mar-15 2318 2360 2315 2333 8 7082 25945 -470 Apr-15 2302 2346 2297 2320 11 25981 39758 5084 May-15 2275 2317 2270 2293 11 5910 22265 330 Jun-15 2244 2281 2240 2261 11 1808 14782 317 Jul-15 2224 2251 2214 2231 8 2608 12673 31 48,169 183,227 5,909 Total CBOT Soyoil Mar' 15 (USD per pound) 33.22 33.25 32.70 32.84 -0.55 NYMEX Crude Oil Feb'15 (USD per barrel) 48.69 48.77 45.89 46.39 -2.30 DCE Palm Oil January' 15 (RMB per tonne) 4,880.00 4,912.00 4,864.00 4,914.00 -26.00 Malaysian Ringgit Spot (MYR/USD) 3.57 3.62 3.57 3.61 0.05 CBOT Soybean Mar’15 (US Cents per lb) 982'0 986'6 972'2 982'0 -9'6 665.00 -5.00 EU PALMOIL RBD dlrs tonne for Mar'15 (USD per tonne fob) Price differential between CBOT Soybean Oil and BMD Futures CPO $80.89 Source : Bloomberg Jan '15 Feb '15 Mar '15 Apr '15 2,331.50 NT NT NT CPO Physical Price as per MPOB (Local Delivery), - 19 January 2015 Source : MPOB Estimated Export Volume ITS (Tonnes) SGS (Tonnes) PERIODS Nov '14 Dec '14 Jan '14 Changes Nov '14 Dec '14 Jan'15 Changes 1 to 10 400,614 407,425 355,846 -12.70% 395,249 395,929 320,714 -19.00% 1 to 15 598,269 615,805 535,651 -13.00% 605,624 618,314 545,410 -11.80% 1 to 20 837,659 911,595 702,581 -22.90% 843,707 906,594 709,370 -21.80% 1 to 25 1,102,724 1,077,140 1,098,870 1,083,151 Full month 1,324,124 1,312,655 1,310,509 1,298,461 Source : Reuters MPOB (tonne) July'14 August'14 Sept '14 Oct '14 Nov '14 Dec '14 Changes Production 1,665,661 2,031,754 1,896,899 1,892,996 1,750,567 1,364,797 -22.04% Export 1,443,560 1,437,452 1,628,103 1,611,459 1,513,103 1,519,549 0.43% End stock 1,684,732 2,053,175 2,090,001 2,166,525 2,276,117 2,013,326 -11.55% Source : MPOB Fundamental View:  The Ringgit Malaysia weakened to an April 2009 low of 3.6140 per U.S. dollar, after the government adjusted its economic growth targets and increased its fiscal deficit forecast to cope with sliding oil prices.  Industry experts say palm prices face a volatile year in 2015 and will be driven by global demand factors, including uncertain market movements in crude and rival edible oils.  Analysts say while unfavourable weather in top growers Indonesia and Malaysia could tighten palm oil supply temporarily, the damage to output will not be as bad as initially feared with any El Nino weather phenomenon expected to be weak.  Rapeseed oil was lower on the European vegetable oils market on Tuesday, weighed down by a sharp setback in CBOT soyoil and broad-based weakness in crude oil and other commodity markets.  Chicago Board of Trade soybean futures fell for the fifth time in six sessions on Tuesday on signs that demand from importers was turning toward key producers in South America, traders said. Source: Reuters For Internal Circulation Only Recirculation of this report or any part thereof to any third party/ies without the written consent of TA Futures is expressly prohibited. TA Futures does not warrant the accuracy or the completeness of the information contained herein. Information is believed to be reliable and opinions stated here are subject to change. TA Futures shall not be liable for any loss suffered by reliance placed on this commentary. TA FUTURES SDN BHD (340271-W) A member of the TA group BMD FCPO FUTURES DAILY COMMENTARY – 21 th January, 2015 (Wednesday) 32nd Floor, Menara TA One, 22 Jalan P. Ramlee, 50250 Kuala Lumpur, Malaysia. For comments and enquiries, please contact us at Tel: +603-2072-4832, Toll Free : 1-800-88-1506 Fax: +603-2072-5001,Website : www.tafutures.com.my ROLLING THIRD-MONTH CPO FUTURES CONTRACT - DAILY CANDLESTICK CHART KO3 (2,302.00, 2,346.00, 2,297.00, 2,320.00, +11.0000), Parabolic SAR (2,392.08) 2450 2450 2400 2400 2350 2350 2300 2300 2250 2250 2200 2200 2150 2150 2100 2100 2050 2050 2000 2000 1950 1950 1900 1900 1850 1850 Stochastic Oscillator (16.6090) 50 50 Relative Strength Index (56.8190) 70 70 60 60 50 50 40 40 30 30 20 20 MACD (33.1455) 0 0 -50 -50 7 October 13 20 27 3 10 November 17 24 1 8 December 15 22 29 5 2015 12 19 26 2 February TECHNICAL VIEW Third month benchmark April CPO Futures Contract opened at RM 2,302, it traded to a high at RM 2,346 and traded to low at RM 2,297. CPO Futures closed at RM 2,320, up 11 points with total volume traded of 48169 lots. The sideways trend extended for 3rd consecutive days. In the short term, there is a possibility for the price to go either direction, with upward resistance will be at RM 2,390 or downward support will be RM 2,270. In the long term perspective, the market is on uptrend wave. Immediate resistance is at RM2, 390, RM 2,412 and RM 2,430. Immediate support is at RM 2,270 and RM 2,245. TRADING VIEW SHORT-TERM MEDIUM-TERM : : Target upside towards RM 2,405 with stop-loss below RM 2,265. Target upside towards RM 2,433, with stop-loss below RM 2,250. For Internal Circulation Only Recirculation of this report or any part thereof to any third party/ies without the written consent of TA Futures is expressly prohibited. TA Futures does not warrant the accuracy or the completeness of the information contained herein. Information is believed to be reliable and opinions stated here are subject to change. TA Futures shall not be liable for any loss suffered by reliance placed on this commentary.