Palm Oil Down on Profit-taking

KUALA LUMPUR: The crude palm oil futures contract on Bursa Malaysia Derivatives closed lower yesterday on profit-taking after the recent rally.

A trader said the downside was somewhat capped due to positive sentiment still persisting as players expect export demand for palm oil to improve.

Chartwise, the RM2,635-level remains as the immediate support.

The active contract month of May 2014 finished RM24 lower at RM2,700 a tonne, June 2014 dipped RM39 to RM2,661 a tonne, July 2014 eased RM37 to RM2,647 a tonne and August 2014 ended RM36 lower at RM2,638 a tonne.

Turnover improved to 40,587 lots from 39,183 lots on Wednesday, while open interest rose to 223,959 contracts from Wednesday’s 221,196 contracts. Bernama

Source : New Straits Times 

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