MARKET DEVELOPMENT
CPO Futures Stay Firmer on Positive Demand
CPO Futures Stay Firmer on Positive Demand
09/10/2014 (Bernama) - Phillip Futures Sdn Bhd derivative products specialist David Ng said expectations of a production decline in Malaysian palm oil in September coupled with lower inventories amid a 16 per cent jump in exports for the month helped boost demand.
“On the technical charts, for December 2014 palm futures, the near-term trend would remain positive above RM2,130 per tonne and a move above RM2,225 per tonne would resume the trend towards the RM2,250-RM2,280 per tonne levels.
“Trading below RM2,130 per tonne would see RM2,095-RM2,060 per tonne remain as the support,” he told Bernama.
At the close, October 2014 and November 2014 increased RM18 each to RM2,220 and RM2,213 per tonne respectively, December 2014 rose RM15 to RM2,195 per tonne, and January 2015 gained RM13 to RM2,207 per tonne.
Volume surged to 45,039 lots from 28,625 lots yesterday while open interest improved to 311,158 contracts against 294,606 contracts previously.
On the physical market, October South was up RM20 at RM2,230 a tonne.
“On the technical charts, for December 2014 palm futures, the near-term trend would remain positive above RM2,130 per tonne and a move above RM2,225 per tonne would resume the trend towards the RM2,250-RM2,280 per tonne levels.
“Trading below RM2,130 per tonne would see RM2,095-RM2,060 per tonne remain as the support,” he told Bernama.
At the close, October 2014 and November 2014 increased RM18 each to RM2,220 and RM2,213 per tonne respectively, December 2014 rose RM15 to RM2,195 per tonne, and January 2015 gained RM13 to RM2,207 per tonne.
Volume surged to 45,039 lots from 28,625 lots yesterday while open interest improved to 311,158 contracts against 294,606 contracts previously.
On the physical market, October South was up RM20 at RM2,230 a tonne.