CPO Prices Weaken

CPO Prices weaken

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday amid weakening crude oil and soya oil prices, a dealer said.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said the lower soya oil price will put additional pressure on CPO prices as the spread narrows.

“We locate the support level at RM2,150 a tonne and immediate resistance at RM2,200 a tonne,” he said.

December 2014 and January 2015 fell RM21 to RM2,154 and RM2,159 a tonne respectively, while, February 2015 slipped RM24 to RM2,171 a tonne and March 2015 was down RM21 to RM2,174 a tonne.

Volume decreased to 46,023 lots from 52,780 lots on Thursday, while open interest declined to 226,820 contracts from 240,558 contracts.

On the physical market, December South was RM10 lower at RM2,170 a tonne. Bernama

Source : New Straits Times

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