CPO hits a more than 3-week low

KUALA LUMPUR: Crude palm oil (CPO) futures prices ended at a more than three-week low yesterday, a dealer said.

He said the downtrend was influenced by the massive weakness in the crude oil market coupled with weak export performance as indicated by cargo surveyors.

“Moving forward, prices are anticipated to be downward biased with support at the RM2,150 level and immediate resistance at the RM2,200 level,” the dealer added.

November 2014 fell RM27 to RM2,153 a tonne, December 2014 eased RM30 to RM2,133, January 2015 lost RM37 to RM2,137, while February 2015 was RM38 lower at RM2,142 a tonne.

Volume increased to 59,068 lots against 51,725 lots on Tuesday while open interest rose to 332,370 contracts against 327,179 previously.

On the physical market, October South was RM60 lower at RM2,160 a tonne. Bernama


Source : New Straits Times

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