KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed marginally lower yesterday, amid bearish report from the Malaysian Palm Oil Board (MPOB).
Phillip Futures Sdn Bhd derivative product specialist David Ng said palm oil stock for August was 22 per cent higher on a month-on-month basis, breaching the two million tonnes mark due to tremendous growth in production.
Meanwhile, Cargo Surveyor Intertek Testing Services yesterday reported a higher exports data for September 1-10, which surged 41 per cent to 487,955 tonnes from 347,094 tonnes in the same period a month ago.
The support level was expected at RM2,000 and immediate resistance at RM2,080, he added.
September 2014, October 2014 and November 2014 each slipped RM1 to RM2,049, RM2,044 and RM2,033 a tonne respectively while December 2014 fell by RM5 to close at RM2,055 a tonne.
Volume decreased to 47,010 lots from 49,877 lots on Tuesday while open interest rose to 330,448 contracts from 329,134 contracts previously. On the physical market, September South closed unchanged at RM2,060 a tonne. Bernama
Source : New Straits Times