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CPO Futures Closes Mostly Lower
Last update: 07/12/2017

By Farhana Poniman

KUALA LUMPUR, Dec 7†(Bernama)†--†The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mostly lower today on†concerns over†the high inventory in the country.

Phillip Futures Sdn Bhd Derivative Dealer, David Ng, said†fears of a rising stockpile†and†higher than expected production level,†affected†demand for the commodity.

"Furthermore, the decline in CPO price was also in line with†overnight losses on the Chicago bean oil market.

"We locate support at RM2,480†a tonne and immediate resistance at RM2,580 a tonne," he told Bernama.

Meanwhile, the Malaysian Palm Oil Board is scheduled to release its monthly industry performance data for November on Dec 12.

Spot month†December 2017 gained†RM3 to RM2,410†a tonne,†January 2018 fell RM34†to RM2,475†a tonne,†February 2018 declined RM35†to RM2,502†a tonne†and March 2018 shed†RM36†to†RM2,529†a tonne.

Turnover was lower at 32,052 lots from†40,862 lots yesterday†and open interest fell to 277,771†contracts from 281,035 contracts.

On the physical market, December South was lower at RM2,440 a tonne from RM2,470 a tonne on Wednesday.

-- BERNAMA

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Source: Bank Negara Malaysia

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