MARKET DEVELOPMENT
CPO Futures End Higher
CPO Futures End Higher
23/12/2015 (Bernama) - Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives continued their uptrend for the second consecutive day on expectations of weaker palm oil production, said a dealer.
Weaker regional CPO production coupled with lower domestic production had driven the CPO futures prices, which hit their highest in almost six months.
Phillip Futures Sdn Bhd Senior Derivatives Product Specialist David Ng said weaker palm oil production would provide support to CPO prices.
"We locate support at RM2,300 and immediate resistance at RM2,540 a tonne," he added.
At the close, January 2016 was up RM54 to RM2,290, February 2016 gained RM63 to RM2,394, March 2016 rose RM66 to RM2,468, April 2016 increased RM69 to RM2,516, May 2016 went up RM71 to RM2,536 while June 2016 improved RM72 to RM2,539 a tonne.
Volume surged to 32,616 lots from yesterday's 3,982 lots, while open interest rose to 219,319 contracts from 190,573 contracts on Monday.
On the physical market, January South rose to RM2,260 a tonne.
Weaker regional CPO production coupled with lower domestic production had driven the CPO futures prices, which hit their highest in almost six months.
Phillip Futures Sdn Bhd Senior Derivatives Product Specialist David Ng said weaker palm oil production would provide support to CPO prices.
"We locate support at RM2,300 and immediate resistance at RM2,540 a tonne," he added.
At the close, January 2016 was up RM54 to RM2,290, February 2016 gained RM63 to RM2,394, March 2016 rose RM66 to RM2,468, April 2016 increased RM69 to RM2,516, May 2016 went up RM71 to RM2,536 while June 2016 improved RM72 to RM2,539 a tonne.
Volume surged to 32,616 lots from yesterday's 3,982 lots, while open interest rose to 219,319 contracts from 190,573 contracts on Monday.
On the physical market, January South rose to RM2,260 a tonne.