MARKET DEVELOPMENT
CPO Futures Prices Rise For 3rd Day Running
CPO Futures Prices Rise For 3rd Day Running
05/09/2014 (Bernama) - Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives climbed for the third consecutive day, crossing above RM2,000 per tonne as buying interest emerged and short-covering activities lifted prices higher.
Phillip Futures Sdn Bhd Derivatives Product Specialist David Ng said the market witnessed a technical rebound after consecutive weeks of weak prices of below RM2,000 per tonne.
"However, sentiments maybe weighed by bearish fundamentals as higher inventories are anticipated by end of the month. We locate support level at RM1,990 and immediate resistance at RM2,050," Ng told Bernama.
At the close, September 2014 increased RM51 to RM2,035 per tonne, October 2014 jumped RM52 to RM2,033 per tonne, November 2014 rose RM52 to RM2,030 per tonne and December 2014 gained RM52 to close at RM2,065 per tonne.
Volume expanded to 69,020 lots from 51,028 lots on Wednesday while open interest increased to 353,413 contracts from 325,286 contracts yesterday.
On the physical market, September South added RM50 to RM2,050 per tonne.
Phillip Futures Sdn Bhd Derivatives Product Specialist David Ng said the market witnessed a technical rebound after consecutive weeks of weak prices of below RM2,000 per tonne.
"However, sentiments maybe weighed by bearish fundamentals as higher inventories are anticipated by end of the month. We locate support level at RM1,990 and immediate resistance at RM2,050," Ng told Bernama.
At the close, September 2014 increased RM51 to RM2,035 per tonne, October 2014 jumped RM52 to RM2,033 per tonne, November 2014 rose RM52 to RM2,030 per tonne and December 2014 gained RM52 to close at RM2,065 per tonne.
Volume expanded to 69,020 lots from 51,028 lots on Wednesday while open interest increased to 353,413 contracts from 325,286 contracts yesterday.
On the physical market, September South added RM50 to RM2,050 per tonne.