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CPO futures close higher
by Cals Thu 13 Feb 2014, 01:44
| CPO futures close higher |
| Business & Markets 2014 |
| Written by Bernama |
| Wednesday, 12 February 2014 20:11 |
KUALA LUMPUR (Feb 12): Crude palm oil futures contracts on Bursa Malaysia Derivatives rebounded to close higher today, supported by expectations of lower stock levels in the coming months.
However, Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, said the upside was capped by firmer ringgit and expectations of weaker demand from India, in the coming weeks.
"The immediate resistance is seen at RM2,6450-level, while support is at RM2,600-level, where a breach below this level could weaken the bullish sentiment," he said.
February 2014 rose by RM18 to close RM2,628 a tonne, March 2014 increased by RM18 to RM2,631, April 2014 gained RM25 to RM2,635, and May 2014 improved RM27 to RM2,630.
Turnover fell to 36,895 lots, from 41,418 lots, while open interest decreased to 227,333 contracts, from 228,740 contracts yesterday.
On the physical market, February South shed RM80 to RM2,540 a tonne.
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