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CPO futures close lower on expectation of higher inventories
by Cals Mon 09 Sep 2013, 20:59
CPO futures close lower on expectation of higher inventories
Business & Markets 2013
Written by Bernama
Monday, 09 September 2013 19:31
KUALA LUMPUR (Sept 9): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today, on expectation of higher inventories and production in August, ahead of Malaysia Palm Oil Board's report due to be released tomorrow.
"Prices seem well-supported at RM2,400 level, but any breach below this level could trigger further selling pressure and extend further weakness towards RM2,370 level.
"We locate temporary resistance at RM2,450," said Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng.
Spot month September 2013 fell RM31 to RM2,401, and December 2013 decreased RM42 to RM2,402 per tonne.
October 2013 and November 2013 declined RM45 each, to RM2,402 and RM2,399 per
tonne, respectively.
Volume eased to 29,350 lots from 30,152 lots, while open interest fell to 180,260 contracts versus last Friday's 187,951 contracts.
On the physical market, September South rose RM15 to RM2,450 a tonne.
Business & Markets 2013
Written by Bernama
Monday, 09 September 2013 19:31
KUALA LUMPUR (Sept 9): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower today, on expectation of higher inventories and production in August, ahead of Malaysia Palm Oil Board's report due to be released tomorrow.
"Prices seem well-supported at RM2,400 level, but any breach below this level could trigger further selling pressure and extend further weakness towards RM2,370 level.
"We locate temporary resistance at RM2,450," said Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng.
Spot month September 2013 fell RM31 to RM2,401, and December 2013 decreased RM42 to RM2,402 per tonne.
October 2013 and November 2013 declined RM45 each, to RM2,402 and RM2,399 per
tonne, respectively.
Volume eased to 29,350 lots from 30,152 lots, while open interest fell to 180,260 contracts versus last Friday's 187,951 contracts.
On the physical market, September South rose RM15 to RM2,450 a tonne.
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