KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives continued last week’s uptrend to close higher yesterday, due to strong export performance as indicated by cargo surveyors.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the weakening of the ringgit against the US dollar was also seen as a supporting factor for the price performance yesterday.
“However, the narrowing spread between soyaoil and palm oil limit the gains,” he said, adding the support level was at RM2,050 a tonne and immediate resistance at RM2,150 a tonne.
September 2014 rose RM35 to RM2,160 a tonne, October 2014 increased RM24 to RM2,121 a tonne, November 2014 gained RM17 to RM2,101 a tonne, and December 2014 advanced RM18 to close at RM2,118 a tonne.
Volume expanded to 76,335 lots from 41,698 lots on Friday while open interest rose to 356,407 contracts from 326,397 contracts previously.
On the physical market, September South was RM30 higher at RM2,160 a tonne from RM2,130 a tonne on Friday. Bernama
Source : New Straits Times