Palm Futures Falls on Profit-taking

KUALA LUMPUR: Prices of crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower yesterday on the back of a stronger ringgit coupled with profit-taking activities, dealers said.

“The ringgit has strengthened a bit compared to Wednesday. Palm’s resistance is at RM2,500, and the immediate support is at RM2,450,” a trader said.

Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said a stronger ringgit would curb buying interest from oversea buyers.

“CPO prices are down after four days of gains,” he added.

Spot month November 2013 eased RM16 to RM2,472, December 2013 fell RM19 to RM2,462, January 2014 dropped RM18 to RM2,464 and February 2014 declined RM15 to RM2,467 a tonne.

Volume rose to 44,093 lots from 32,615 lots on Wednesday, while open interest rose to 198,848 contracts from 184,980 contracts previously.

On the physical market, November South eased RM20 to RM2,460 a tonne.

Source : Palm futures falls on profit-taking

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