CPO Futures Extend Rally for 3rd Consecutive Day

KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives extended their rally for the third consecutive day yesterday on the back of improved export demand.

A trader at Phillip Futures said a sustained move above RM2,710 for July 2014 contract would extend the rally towards RM2,745-RM2,795 levels, while the RM2,635 level would remain as the immediate support.

April 2014 posted RM56 gains to end at RM2,736 a tonne, May 2014 finished RM8 better at RM2,700, June 2014 improved RM21 to RM2,684 and July 2014 ended RM27 higher at RM2,674.

Turnover rose to 39,183 lots from 34,660 lots on Tuesday while open interest edged up to 221,196 contracts from 215,131 contracts.

On the physical market, April South added RM30 to RM2,750 a tonne. Bernama

Source : New Straits Times 

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