KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday in anticipation of lower production ahead of the monsoon season, a dealer said.
However, he said weak demand and high crude oil prices might continue to put weigh on CPO prices.
“We locate support level at RM2,150 a tonne and immediate resistance at RM2,220 a tonne in near term,” he added.
The dealer said that market players were also cautious ahead of palm oil exports data for the first 25 days of the month by cargo surveyors, Intertek Testing Services and Societe Generale de Surveillance on Monday.
November 2014 advanced RM10 to RM2,199 a tonne, December 2014 gained RM10 to RM2,183 a tonne, January 2015 rose RM11 to RM2,181, and February 2015 went up RM9 to RM2,181 a tonne.
Volume decreased to 40,993 lots from 56,718 lots on Thursday.
Open interest narrowed to 284,53 contracts from 310,574 contracts previously.
On the physical market, November South was unchanged at RM2,190 a tonne. Bernama