CPO prices marginally higher

CPO prices marginally higher

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended marginally higher yesterday amid bargain buying activities.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said weaker crude oil prices are deterring biofuel producers from producing more biofuel products.

“We locate the CPO support level at RM2,100 a tonne and immediate resistance at RM2,220 a tonne,” he said.

January 2015 increased RM10 to RM2,123 a tonne, February 2015 rose RM6 to RM2,126 a tonne, March 2015 gained RM10 to RM2,131 a tonne, and April 2015 added RM17 to RM2,138 a tonne.

Volume declined to 51,932 lots from 52,441 lots previously, while open interest increased to 231,482 contracts from 199,824 contracts.

On the physical market, December South was RM10 lower at RM2,140 a tonne. Bernama

Source : New Straits Times

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