MARKET DEVELOPMENT
CPO Futures Ends Lower On Export Pressure
CPO Futures Ends Lower On Export Pressure
25/02/2016 (Bernama) - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower for the fifth consecutive day as export issues weighed on sentiment.
"The edible oil closed lower today after news that Indonesia maintained its export tax at zero per cent thus pressuring Malaysian cpo prices downwards.
"We locate support at RM2,480 per tonne and immediate resistance at RM2,600 per tonne," said Phillip Futures Sdn Bhd Derivative Product Specialist David Ng.
March 2016 declined RM22 to RM2,461 tonne, April 2016 eased RM28 to RM2,503 a tonne, May 2016 declined RM31 to RM2,520 a tonne and June 2016 erased RM30 to RM2,517 a tonne.
Turnover increased to 49,485 lots from yesterday's 48,314 lots while open interest rose to 253,310 contracts from 252,695 contracts on Tuesday.
Meanwhile, on the physical market, March South rebound RM50 to RM2,480 a tonne.
"The edible oil closed lower today after news that Indonesia maintained its export tax at zero per cent thus pressuring Malaysian cpo prices downwards.
"We locate support at RM2,480 per tonne and immediate resistance at RM2,600 per tonne," said Phillip Futures Sdn Bhd Derivative Product Specialist David Ng.
March 2016 declined RM22 to RM2,461 tonne, April 2016 eased RM28 to RM2,503 a tonne, May 2016 declined RM31 to RM2,520 a tonne and June 2016 erased RM30 to RM2,517 a tonne.
Turnover increased to 49,485 lots from yesterday's 48,314 lots while open interest rose to 253,310 contracts from 252,695 contracts on Tuesday.
Meanwhile, on the physical market, March South rebound RM50 to RM2,480 a tonne.