CPO Futures Down on Stronger Ringgit
KUALA LUMPUR: Crude palm oil (CPO) futures ended lower yesterday on the back of the strengthening ringgit amid sluggish export performance, a dealer said.
Phillip Futures derivatives product specialist David Ng said that the price differences between soybean oil and palm oil would also put pressure on the commodity’s prices.
He added the support level was located at RM2,180 and immediate resistance was at RM2,280.
At the close, December 2014 fell RM20 to RM2,195 a tonne, January 2015 decreased RM28 to RM2,198 a tonne, February 2015 slipped RM30 to RM 2,205 a tonne, and March 2015 was down RM31 at RM2,213 a tonne.
Volume increased to 35,585 lots from 33,736 lots last Friday. Open interest fell to 242,159 contracts from 243,074 contracts previously. On the physical market, December South was RM20 lower at RM2,220 a tonne. Bernama
Source : New Straits Times