KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed at the lowest level in almost a year, following losses on the Chicago soyabean market, a dealer said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said buyers remained cautious following the declining prices, coupled with expectations of higher production this month.
“However, we reckon that buying interest will pick up as seasonal demand kicks in. We locate support level at RM2230 and immediate resistance at RM2,280,” he said.
August 2014 eased RM23 to RM2,342, October 2014 declined RM24 to RM2,255 and November 2014 fell RM22 to RM2,255. September 2014 appreciated RM71 to RM2,383.
Volume increased to 48,874 lots from 35,753, while open interest rose to 266,138 contracts from 248,976.
On the physical market, August South lost RM20 to RM2,360 a tonne from RM2,380 previously. Bernama