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CPO futures close higher on improved export demand
by Cals Fri 14 Feb 2014, 08:27
| CPO futures close higher on improved export demand |
| Business & Markets 2014 |
| Written by Bernama |
| Thursday, 13 February 2014 19:47 |
KUALA LUMPUR (Feb 13): Crude palm oil futures contracts on Bursa Malaysia Derivatives moved higher at close today, on improved export demand and expectations of lower output this month, due to the seasonal low production cycle of oil palm trees.
Phillip Futures Sdn Bhd Derivative Product specialist, David Ng, said a weaker ringgit against the US dollar and firmness of the Chicago Board of Trade soyoil, may also push up prices.
"However, the upside is seen capped, as profit-booking at higher levels cannot be ruled out.
"On the chart, the benchmark month, April, witnessed a rally, which is likely to extend towards RM2,670 level, and a move above that level would extend the rally towards the RM2,695 level," he said.
February 2014, March 2014 and April 2014 rose RM21 to RM2,649 a tonne, RM2,652 a tonne and RM2,656 a tonne, respectively, while May 2014 was up by RM23 to RM2,653 a tonne.
Turnover rose to 37,896 lots, from 36,895 lots, while open interest gained 234,528 contracts, from 227,333 contracts yesterday.
On the physical market, February South surged RM120, to RM2,660 a tonne.
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