Crude palm oil (CPO) closed down RM4 today at RM2,626 (US$777). Nothing to shout about but Goldman Sachs raised its forecast for CPO prices today to US$850 this year and that prices may increase to US$950 next year. This gave some much needed fuel to push Golden Agriculture higher, reaching a high of 61c before closing at 60.5c. This move came on the back of respectably high volume and there is a chance that the target price of 62c might be attained in the next session. If 62c is taken out, the next eventual target is 69c which was a support level that broke in late July 08. As is my usual style, I would hedge by divesting partially at resistance and take some profit off the table.
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