KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives rebounded to close higher yesterday lifted by positive sentiment in anticipation of stronger export.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the prices bucked the prevailing market pessimism amid signs of export pick up following the tax exempt measure.
Ng pegged today’s support level at RM2,000 a tonne and the immediate resistance at RM2,100 a tonne.
Spot month September 2014 and October 2014 rose RM41 each to RM2,090 and RM2,085 a tonne respectively, November 2014 gained RM35 to RM2,068 a tonne, while December 2014 increased RM31 to RM2,086 a tonne.
Volume fell to 39,439 lots from 47,010 lots on Wednesday while open interest declined to 326,690 contracts from 330,448 contracts previously. On the physical market, September South was RM30 higher at RM2,090 a tonne from RM2,060 a tonne on Wednesday. Bernama
Source : New Straits Times