Erases Earlier Gains

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives erased earlier gains to close lower yesterday, tracking the losses on the Chicago soyabean market over concerns of a large crop.

Cargo surveyors reported that exports of Malaysian palm oil products in September rose by 16.3 per cent from a month earlier to 1.5 million tonnes.

“We locate the key support level at RM2,150 a tonne and immediate resistance at RM2,250 a tonne,” said Phillip Futures Sdn Bhd derivative products specialist David Ng.

October 2014 fell RM22 to RM2,210 a tonne, November 2014 and January 2015 decreased by RM21 and RM23 to RM2,206 a tonne and RM2,210 a tonne, respectively, while December 2014 increased by RM22 to RM2,195 a tonne.

Volume increased to 43,624 lots from 43,225 lots on Tuesday while open interest advanced to 306,320 contracts from 305,698 contracts previously.

On the physical market, October South was down RM10 at RM2,230 a tonne. Bernama

 

Source : New Straits Times

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