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CPO futures close higher on bargain buying

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CPO futures close higher on bargain buying Empty CPO futures close higher on bargain buying

Post by Cals Wed 15 Jan 2014, 23:16

CPO futures close higher on bargain buying
Business & Markets 2014
Written by Bernama   
Wednesday, 15 January 2014 20:54

KUALA LUMPUR (Jan 15): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today, on bargain buying activities after the recent dips in prices.

Philip Futures Sdn Bhd Derivative Product Specialist David Ng told Bernama that prices gained some strength due to a technical rebound and some bargain buying activities.

However, data released by Cargo Surveyor Intertek Testing Services was bearish, with Jan 1-15 exports at 460,248 tonnes — 28 per cent down from the 640,240 tonnes shipped during Dec 1 to 15.

March CPO prices are "oversold on intraday charts and are likely to rebound towards the 2530-2565 levels," said Ng.
On the downside, the next support would be at the 2460-2430 levels, he added.

At close, January 2014 was unchanged at RM2,460 per tonne, February 2014 gained RM35 to RM2,507 per tonne, March 2014 increased RM31 to RM2,524 per tonne, April 2014 rose RM31 to RM2,537 per tonne, May 2014 added RM31 to RM2,544 per tonne, and June 2014 advanced RM34 to RM2,544 per tonne.

Turnover rose to 48,956 lots from 31,004 lots on Monday, while open interest increased to 209,075 contracts, from 192,218 contracts.

The market was closed yesterday for the Maulidur Rasul (Prophet Muhammad's birthday) celebrations.
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