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NewsCPO futures close lower on profit taking
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CPO futures close lower on profit taking
by Cals Tue 25 Feb 2014, 01:45
| CPO futures close lower on profit taking |
| Business & Markets 2014 |
| Written by Bernama |
| Monday, 24 February 2014 20:02 |
KUALA LUMPUR (Feb 24): Crude palm oil futures contracts on Bursa Malaysia Derivatives closed lower today, on profit taking, after last week's strong price rally.
Phillip Futures Sdn Bhd Derivatives Product Specialist, David Ng, said that support from soyoil prices was also seen diminishing.
However, he said that reports of an increase in Indonesian biodiesel demand could support the price in the medium term, and would limit any further downside for the commodity.
"On the charts, the immediate resistance for CPO is at RM2,790, and any move above that level, would push the price further towards the RM2,820 level, while the immediate support remains at RM2,700," he added.
March 2014 shed RM7 to RM2,769 a tonne, April 2014 fell RM17 to RM2,760 a tonne, while May 2014 eased RM14 to RM2,741 a tonne.
June 2014 lost RM15 to RM2,717 a tonne, July 2014 decreased RM18 to RM2,688 a tonne, and August 2014 was RM16 lower, at RM2,670 a tonne.
Turnover dropped to 45,780 lots, from 47,313 lots on Friday, and open interest decreased to 229,936 contracts, from 242,082 contracts previously.
On the physical market, March South was unchanged at RM2,800 a tonne.
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