FCPO likely approaching greater heights

The above Palm oil active month chart has showed that palm oil has been consistently trying to break the 2750 strong resistant level. The strong resistant has been tested over and over for about 5 times since May last year. A slight increase in open interest while maintaining at such strong resistance suggest that a major breakout in on the way as the bulls and bears are quite confident with their respective position. Either side losing the battle would mean a strong move on the FCPO  pricing.

Overall, FCPO is still awaiting a breakout from the rising wedge. immediate support lies at 2700 while immediate resistant is at 2760 respectively.

Index Futures on consolidation

The above is the FKLI chart featuring consolidation through MACD. MACD made a downward cross on 23rd September attracting new short interest in the futures. However, this consolidation would consider healthy to cater for a rest in the market since the upward move begins for about a month ago of about 10% of index points.

Overall outlook for the index futures is of a mix of whether it is a mere consolidation or a potential top formed a week ago.

United Envirotech bags contract for Phase 1 building of wastewater recycling plant in China for $29.5m

Mainboard-listed United Envirotech, one of the leading membrane-based water and wastewater treatment solutions providers, says it has secured a contract to build and operate a 160,000 cubic metres/day wastewater treatment and recycling plant in Hegang City, Heilongjiang province, China, for a concessionary period of 30 years.

The BOT project will consist of two plants both slated for completion over two phases.

Phase One of the project will comprise the building of the wastewater treatment and recycling plant with treatment capacity of 80,000 cubic metres/day to be completed by next October.

Together with the construction of common facilities, the total cost of investment for Phase One is estimated to be RMB145 million ($29.5 million).