CPO Futures Rise as Investors Cover Short Positions

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives

ended higher with investors covering short positions after Wednesday’s

losses, said a dealer.

Yesterday, CPO price broke the RM2,450

resistance level and the level will go up to RM2,500 level today, he

added.

“While we expect the uptrend to continue tomorrow, the

local CPO market however will closely monitor the soyaoil futures trade

on the Chicago Board of Trade tonight,” he added.

At close, June rose RM21 to RM2,493 per tonne, July added RM44 to

RM2,495, August increased RM41 to RM2,476 and September rose RM40 to

RM2,464. On the physical market, May South added RM20 to RM2,540 per

tonne.

Source : Business Times

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