KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday, bolstered by favourable news that the government has exempted CPO export tax for September and October.
Phillip Futures Sdn Bhd derivatives product specialist David Ng said the tax exemption helped boost the prices.
However, the market tone for the next few weeks would still be on the cautious side ahead of the Malaysian Palm Oil Board report, he said.
Ng pegged support level today at RM2,000 a tonne and the immediate resistance at RM2,080 a tonne.
September 2014 and October 2014 increased RM13 each to RM2,054 a tonne and RM2,052 a tonne, respectively, November 2014 soared RM20 to RM2,045 a tonne and December 2014 appreciated RM16 to close at RM2,073 a tonne.
Volume decreased to 59,626 lots from 62,494 lots last Friday while open interest fell to 322,711 contracts from 348,491 contracts last week.
On the physical market, September South was flat at RM2,060 a tonne. Bernama
Source : New Straits Times