Palm Futures Firmer on Reverses Sell Down

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives reversed a recent sell down to close firmer yesterday and lifted by positive export data from cargo surveyors, Phillip Futures Sdn Bhd derivative product specialist David Ng said.

He expects the support level to be at RM2,280 and immediate resistance at RM2,350.

August 2014 rose RM33 to RM2,378 a tonne, September 2014 increased RM28 to RM2,326, October 2014 advanced RM23 to RM2,307, while November 2014 improved RM20 to RM2,307.

Volume fell to 49,375 lots from 53,721 lots on Monday, while open interest increased slightly to 265,949 contracts from 265,345 contracts.

On the physical market, August South stood at RM2,400 a tonne. Bernama

 

Source : New Straits Times

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