KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives extended gains to close higher yesterday on continued buying interests.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the CPO futures closed higher yesterday amid expectation production for the month of September would be lower.
“Recent increase in inventories causes prices to be weak. As production is expected to decline, we are likely to see easing concerns on inventories. We locate support level at RM2,100 and immediate resistance at RM2,200,” he said.
October 2014 rose RM29 to RM2,152, November 2014 advanced RM41 to RM2,128, December 2014 gained RM39 to RM2,126 and January 2015 increased RM36 to RM2,144 a tonne.
Volume decreased to 41,137 lots from 52,876 lots on Tuesday while open interest narrowed to 297,107 contracts from 305,660 contracts previously.
On the physical market, October South was RM20 higher at RM2,180 a tonne. Bernama
Source : New Straits Times