Kuala Lumpur: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed marginally higher yesterday due to the weakening ringgit against the US dollar, a dealer said.
Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, said the higher prices were also due to the increasing buying interest amid the recent downward pressure in palm oil prices. “Another factor is the easing weather concerns, and the retracement in crude oil prices is projecting a positive sentiment,” he said.
Going forward, he said the support level for palm oil was seen at RM2,220 with the immediate resistance at RM2,280.
At the close, spot month August 2014 and September 2014 both eased RM2 each to RM2,316 a tonne and RM2,277 a tonne, respectively, October 2014 increased RM7 to RM2,254 a tonne and November 2014 edged up RM8 to RM2,252 a tonne.
Volume decreased to 21,742 lots from 25,731 lots on Wednesday, while open interest slipped to 248,820 contracts from 252,108 contracts previously.
On the physical market, August South remained at RM2,340 per tonne.Bernama
Source : New Straits Times