Palm Oil Futures Prices Close Higher
KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended higher yesterday in anticipation of lower production, a dealer said.
Phillip Futures Sdn Bhd derivatives product specialist David Ng said in addition to lower production, exports of palm oil were expected to improve in the coming weeks due to stronger demand from buyers.
“We locate support level at RM2,100 a tonne and immediate resistance at RM2,250 a tonne,” he said.
December 2014 rose RM35 to RM2,175 a tonne, January 2015 increased RM12 to RM2,180 a tonne, February 2015 gained RM20 to RM2,195 a tonne, and March 2015 added RM16 to RM2,195 a tonne.
Volume decreased to 52,780 lots from 56,489 lots on Wednesday, while open interest declined to 240,558 contracts from 254,557 contracts previously.
On the physical market, December South was RM10 higher at RM2,180 a tonne. Bernama
Source : New Straits Times