KUALA LUMPUR: Strong overseas demand helped push the crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives to close on a firm note yesterday.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the performance improved amid sign of export pace picking up after the recent introduction of zero export tax duty that would help spur demand from India and China.
Ng said the weakening of the ringgit against the US dollar is also seen as a supportive factor, adding that the next immediate resistance would be at RM2,200 a tonne while immediate support at RM2,080 a tonne.
October 2014 rose RM35 to RM2,156 a tonne, November 2014 perked RM34 to RM2,135 a tonne, and December 2014 increased RM26 to RM2,144 a tonne.
A new contract month January 2015 was introduced at RM2166 a tonne.
Volume fell to 71,020 lots from 76,335 lots on Monday while open interest narrowed to 338,817 contracts from 356,407 contracts previously.
On the physical market, September South was RM10 higher at RM2,170 a tonne from RM2,160 a tonne on Monday. Bernama
Source : New Straits Times