KUALA LUMPUR: Crude palm oil (CPO) futures closed higher yesterday as the ringgit remained easier against the US dollar, coupled with good export demand, dealers said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng, however, said that CPO futures are expected to trade sideways after the recent fluctuation in soyaoil futures at the Chicago Board of Trade.
“On the charts, for the January 2014 contract, the near-term momentum would remain positive above the 2,401 level. On the upside, 2,460 and 2,490 remain the resistance level, whereas 2,365 remains the next support level,” he said.
Spot month November 2013 gained RM26 to RM2,457, December 2013 firmed RM20 to RM2,457, January 2014 rose RM18 to RM2,455 and February 2014 increased RM15 to RM2,453 a tonne.
Volume advanced to 37,964 lots from 25,240 lots on Monday while open interest jumped to 193,287 contracts from 179,845 contracts previously.
On the physical market, November South was up RM20 to RM2,450 a tonne.
Source : Business Times