Crude Palm Oil Futures End Lower

Crude Palm Oil Futures End Lower

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended lower yesterday amid prevailing negative sentiments in the market.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said CPO prices were influenced by lower crude oil prices after the Organisation of Petroleum Exporting Countries members decided not to cut production.

“Lower export performance estimates by cargo surveyors, Cargo Surveyors Intertek Testing Services and Societe Generale de Surveillance, also affected prices.

“We locate the support level at RM2,050 and immediate resistance at RM2,130,” he said.

December 2014 fell RM47 to RM2,100 a tonne, January 2015 decreased RM57 to RM2,117 a tonne, February 2015 slipped RM63 to RM2,109 a tonne, and March 2015 was down RM64 to RM2,112 a tonne.

Volume increased to 59,556 lots from 50,580 lots last Friday , while open interest gained to 269,888 contracts from 256,209 contracts previously.

On the physical market, December South was RM60 lower at RM2,130 a tonne. Bernama

 

Source : New Straits Times

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