KUALA LUMPUR: Crude palm oil (CPO) futures closed lower yesterday on the back of lower crude oil prices, a dealer said.
This was coupled by negative sentiment among the key industry analysts at a palm oil event in Indonesia, a dealer said.
Phillip Futures product specialist David Ng the industry experts were generally quite bearish over the market.
“We locate the support level at RM2,100 and immediate resistance at RM2,200,” he added.
At close, December 2014 fell RM18 to RM2,147 a tonne, January 2015 decreased RM23 to RM2,174 a tonne, February 2015 slipped RM29 to RM2,172 a tonne, and March 2015 was down RM30 to RM2,176 a tonne.
Volume increased to 50,580 lots from 21,950 lots previously, while open interest gained to 256,209 contracts from 226,326 on Thursday.
On the physical market, December South was RM10 lower at RM2,190 a tonne. Bernama