MARKET DEVELOPMENT
CPO Futures Ends Weaker For Third Consecutive Day
CPO Futures Ends Weaker For Third Consecutive Day
04/08/2017 (Bernama) - The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives remained on a downtrend for the third consecutive day today on expectations that production is set to rise higher than market expectations.
Phillip Futures Sdn Bhd Derivatives Product Specialist David Ng said CPO prices on the local bourse were also tracking losses on the Chicago soy bean oil market traded during Asian hours.
"We locate support at RM2,500 and immediate resistance at RM2,650,"he added.
Spot month August 2017 depreciated further today by RM42 to RM2,588 a tonne, September 2017 slid RM36 to RM2,595 a tonne, October 2017 fell RM38 to RM2,604 and November 2017 eased RM35 to RM2,614 a tonne.
Turnover, however, rose to 57,324 lots from 52,062 lots yesterday, while open interest was better at 263,195 contracts from 257,252 contracts on Wednesday.
On the physical market, August South was RM30 lower at RM2,620 a tonne. -- BERNAMA
Phillip Futures Sdn Bhd Derivatives Product Specialist David Ng said CPO prices on the local bourse were also tracking losses on the Chicago soy bean oil market traded during Asian hours.
"We locate support at RM2,500 and immediate resistance at RM2,650,"he added.
Spot month August 2017 depreciated further today by RM42 to RM2,588 a tonne, September 2017 slid RM36 to RM2,595 a tonne, October 2017 fell RM38 to RM2,604 and November 2017 eased RM35 to RM2,614 a tonne.
Turnover, however, rose to 57,324 lots from 52,062 lots yesterday, while open interest was better at 263,195 contracts from 257,252 contracts on Wednesday.
On the physical market, August South was RM30 lower at RM2,620 a tonne. -- BERNAMA