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NewsCPO futures close higher on good export demand for palm oil
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CPO futures close higher on good export demand for palm oil
by Cals Tue 27 Aug 2013, 20:47
CPO futures close higher on good export demand for palm oil
Business & Markets 2013
Written by Bernama
Tuesday, 27 August 2013 19:47
KUALA LUMPUR (Aug 27): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today, with a firmer bias on lingering concerns over US soybean output, and good export demand for palm oil.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said some profit-booking was likely to be witnessed, after the sharp rise in prices in the past few days.
"On the chart, for Bursa Malaysia Derivatives November CPO, only a sustained move above 2,385 would extend the rally towards 2,420 level.
"The near-term trend would continue to remain positive, above 2,370 level," he added.
October 2013 gained RM12 to RM2,458 a tonne, November 2013 rose RM19 to RM2,452 a tonne, and December 2013 garnered RM25 to RM2,452 a tonne.
September 2013, however, fell RM19 to RM2,466 a tonne.
Volume increased to 43,982 lots from 34,395 lots yesterday, while open interest rose to 204,971 contracts from 201,128 contracts Monday.
On physical market, September South was unchanged, at RM2,490 a tonne.
Business & Markets 2013
Written by Bernama
Tuesday, 27 August 2013 19:47
KUALA LUMPUR (Aug 27): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today, with a firmer bias on lingering concerns over US soybean output, and good export demand for palm oil.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said some profit-booking was likely to be witnessed, after the sharp rise in prices in the past few days.
"On the chart, for Bursa Malaysia Derivatives November CPO, only a sustained move above 2,385 would extend the rally towards 2,420 level.
"The near-term trend would continue to remain positive, above 2,370 level," he added.
October 2013 gained RM12 to RM2,458 a tonne, November 2013 rose RM19 to RM2,452 a tonne, and December 2013 garnered RM25 to RM2,452 a tonne.
September 2013, however, fell RM19 to RM2,466 a tonne.
Volume increased to 43,982 lots from 34,395 lots yesterday, while open interest rose to 204,971 contracts from 201,128 contracts Monday.
On physical market, September South was unchanged, at RM2,490 a tonne.
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