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CPO futures close higher
by Cals Sat 01 Mar 2014, 01:45
| CPO futures close higher |
| Business & Markets 2014 |
| Written by Bernama |
| Friday, 28 February 2014 19:36 |
KUALA LUMPUR (Feb 28): he crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended higher today, on expectations of lower inventory.
Phillip Futures Sdn Bhd Derivatives Product Specialist, David Ng, said the overall trend remained bullish, but uncertainties may persist in the near term, ahead of a major palm oil conference in Kuala Lumpur, next week.
"On the chart, RM2,850 is the immediate resistance, while the support is located at RM2,770," he added.
March 2014 rose RM10 to RM2,825 a tonne, April 2014 rose RM11 to RM2,805 a tonne, May 2014 improved RM21 to RM2,800 a tonne, June 2014 increased RM24 to RM2,782 a tonne, July 2014 gained RM25 to RM2,756 a tonne, and August 2014 was RM24 higher at RM2,734 a tonne.
Turnover increased to 45,148 lots, from 34,197 lots on Thursday, and open interest improved to 218,804 contracts, from 209,817 contracts previously.
On the physical market, March South was unchanged at RM2,830 a tonne.
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