KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on expectations of a rise in palm oil output this month.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the decline of crude oil futures in overseas markets and a firmer ringgit weighed on the CPO market.
On the charts, the benchmark month for CPO witnessed a rebound, Ng said.
“However, the trend is seen weak, below the RM2,397 level and a move above RM2,397 would resume the rally towards the 2,450-2,485 levels.
“Support would be seen at the 2,310 level,” he added.
Spot month September 2013 fell RM2 to RM2,351 a tonne, October 2012 declined RM13 to RM2,341 a tonne, November 2013 erased RM18 to RM2,333 a tonne and December 2013 decreased RM21 to RM2,330 a tonne.
Source : Business Times