KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher amid expectations of higher exports.
Phillip Futures Sdn Bhd derivative product specialist David Ng said expectations of higher exports for September, which could lower the stock levels in the country, pushed prices upwards.
“There are also signs of growing demand from India as the country is gearing up for its key festival season. We locate the key support level at RM2,150 and immediate resistance at RM2,220,” he said.
October 2014 added RM16 to RM2,205 a tonne, November 2014 gained RM12 to RM2,195 a tonne and December 2014 garnered RM15 to RM2,192 a tonne, while January 2015 increased RM13 to RM2,210 a tonne.
Volume shrank to 26,489 lots from 39,754 lots on Friday while open interest dwindled to 286,208 contracts from 295,670 contracts last week.
On the physical market, October South was up RM10 at RM2,220 a tonne. Bernama
Source : New Straits Times