MARKET DEVELOPMENT
CPO Futures Contracts Finish Higher
CPO Futures Contracts Finish Higher
20/04/2016 (Bernama) - Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives extended yesterday's gain to close higher today amid stronger crude oil prices, a dealer said.
The crude oil prices increased by 1.35 per cent to US$43.49 a barrel.
Phillip Futures Sdn Bhd's Dealer, David Ng, said the continued uptrend in the CPO prices was on the back of stronger global sentiment after a rebound in the crude oil and soyabean prices.
He said today's trading was also driven by the anticipation of better demand in the coming weeks.
"We located the resistance at RM2,750 and support at RM2,600 per tonne," he told Bernama.
May 2016 added RM16 to RM2,672 a tonne, June 2016 increased RM17 to RM2,689, July 2016 rose RM20 to RM2,688 and August 2016 advanced RM18 to RM2,668 per tonne.
Turnover reduced to 50,335 lots from 51,934 lots on Monday and open interest was lower at 310,591 contracts from 315,068 contracts previously.
On the physical market, May South was unchanged at RM2,660 a tonne.
The crude oil prices increased by 1.35 per cent to US$43.49 a barrel.
Phillip Futures Sdn Bhd's Dealer, David Ng, said the continued uptrend in the CPO prices was on the back of stronger global sentiment after a rebound in the crude oil and soyabean prices.
He said today's trading was also driven by the anticipation of better demand in the coming weeks.
"We located the resistance at RM2,750 and support at RM2,600 per tonne," he told Bernama.
May 2016 added RM16 to RM2,672 a tonne, June 2016 increased RM17 to RM2,689, July 2016 rose RM20 to RM2,688 and August 2016 advanced RM18 to RM2,668 per tonne.
Turnover reduced to 50,335 lots from 51,934 lots on Monday and open interest was lower at 310,591 contracts from 315,068 contracts previously.
On the physical market, May South was unchanged at RM2,660 a tonne.