KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower after gaining for three consecutive trading days on profit-taking.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the CPO closed lower yesterday on the back of poor export performance as indicated by cargo surveyors.
“Weaker export estimates couple with lower crude and soya oil prices are weighing down on CPO prices. We locate support level at RM2,150 and resistance at RM2,200,” he said.
November 2014 and December 2014 declined RM11 each to RM2,188 a tonne and RM2,172 a tonne, respectively, January 2015 and February 2015 shed RM15 to RM2,166 a tonne and RM2,166 a tonne, respectively.
Volume decreased to 30,455 lots from 40,993 lots on Friday.
Open interest narrowed to 279,538 contracts from 284,53 contracts previously.
On the physical market, November South was RM10 higher at RM2,190 a tonne. Bernama