MARKET DEVELOPMENT
CPO Futures Close Higher
CPO Futures Close Higher
12/02/2016 (Bernama) - Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher today on expectation of lower production.
Phillip Futures Sdn Bhd Derivative Product specialist David Ng said the futures market was higher as players expected the adverse weather conditions to keep inventories at bay.
"We locate support at RM2,500 and immediate resistance at RM2,630," he told Bernama.
At the close, spot month February 2016 added RM3 to RM2,490 a tonne, March 2016 rose RM19 to RM2,532 a tonne, April 2016 increased RM29 to RM2,596 a tonne and May 2016 added RM34 to RM2,592 a tonne.
Turnover declined to 37,984 lots from 43,237 lots yesterday while open interest decreased to 232,822 contracts from 239,513 contracts.
On the physical market, February South remained unchanged at RM2,480 a tonne.
Phillip Futures Sdn Bhd Derivative Product specialist David Ng said the futures market was higher as players expected the adverse weather conditions to keep inventories at bay.
"We locate support at RM2,500 and immediate resistance at RM2,630," he told Bernama.
At the close, spot month February 2016 added RM3 to RM2,490 a tonne, March 2016 rose RM19 to RM2,532 a tonne, April 2016 increased RM29 to RM2,596 a tonne and May 2016 added RM34 to RM2,592 a tonne.
Turnover declined to 37,984 lots from 43,237 lots yesterday while open interest decreased to 232,822 contracts from 239,513 contracts.
On the physical market, February South remained unchanged at RM2,480 a tonne.