KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives ended lower yesterday following subdued demand and in anticipation of higher production for next year.
Phillip Futures Sdn Bhd derivatives product specialist David Ng said the weakening crude oil prices pressured the market.
“We locate the support level at RM2,100 a tonne and immediate resistance at RM2,250 a tonne,” he said.
New spot month January 2014 declined RM39 to RM2,113 a tonne, February 2015 decreased RM48 to RM2,120 a tonne, March 2015 plunged RM50 to RM2,121 a tonne and April 2015 dipped RM44 to RM2,121 a tonne.
Volume increased to 52,441 lots from 41,447 lots on Monday while open interest declined to 199,824 contracts from 220,214 contracts.
On the physical market, December South eased RM20 to RM2,150 per tonne. Bernama
Source : New Straits Times