CPO Futures Prices Close Higher
KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday amid anticipation of lower production for December and better exports ahead.
Phillip Futures Sdn Bhd derivatives dealer David Ng said the weaker production would help lower stock levels in the country.
“The declining ringgit also supports market sentiment. We locate support level at RM2,150 a tonne and immediate resistance at RM2,220 a tonne,” he said.
January 2015 increased RM38 to RM2,209 a tonne, February 2015 rose RM40 to RM2,210 a tonne, March 2015 gained RM37 to RM2,209 a tonne and April 2015 added RM33 to RM2,208 a tonne.
Volume increased to 38,599 lots from 32,464 lots on Monday, while open interest increased to 221,043 contracts from 211,205 contracts previously.
On the physical market, January South stood at RM2,190 a tonne. Bernama
Source : New Straits Times