KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today on the back of news that India may increase its purchase of palm oil to meet demand.
Palm oil trader David Ng said this will increase the overall export performance for Malaysian CPO.
“However, expectation of rising production in coming weeks is seen as weighing CPO prices in the near term.
“We locate the support level at RM2,580 per tonne and resistance at RM2,650,” he said.
At the close, the CPO futures contract for March 2020 was RM14 better at RM2,683 per tonne, April 2020 rose RM23 to RM2,652, May 2020 increased RM32 to RM2,622 while June 2020 improved RM33 to RM2,598.
Volume fell to 59,581 lots from Thursday’s 78,305 lots, while open interest decreased to 315,582 contracts from 331,911 contracts previously.
On the physical market, March South was unchanged at RM2,700 per tonne. – Feb 21, 2020, Bernama
