KUALA LUMPUR: Crude palm oil (CPO) futures closed lower yesterday amid weaker crude oil prices, said a dealer.
Phillip Futures derivative product specialist David Ng said the narrowing price differences between soya oil and palm oil also contributed to the lower close.
However, he said the weaker ringgit may offer some form of support and limit any further decline in the CPO prices.
“We locate support at the RM2,200 a tonne and immediate resistance at RM2,280 a tonne,” he said.
December 2014 rose RM4 to RM2,234 a tonne, January 2015 and February 2015 fell RM6 to RM2,242 and RM2,245 a tonne respectively, while March 2014 slid RM2 to RM2,252 a tonne.
Volume improved to 34,564 lots from Tuesday’s 21,206 lots, while open interest was lower at 248,309 contracts against 252,418 contracts previously. On the physical market, December South remained unchanged at RM2,250 a tonne. Bernama