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CPO futures contract ends higher
Last update: 14/03/2018

By Siti Noor Afera Abu

KUALA LUMPUR, March 14 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, supported by overnight gains in soyabean oil on the Chicago Board of Trade, dealers said.

Phillip Futures Sdn Bhd Derivative Product Specialist, David Ng, said the higher CPO prices were also buoyed by expectations of better export demand.

"We located support at RM2,300 per tonne and resistance at RM2,480 per tonne,” he told Bernama.

Meanwhile, another dealer said, he expected that the suspension of the export tax on palm oil by the government effective January 2018, has helped stimulate export demand for palm oil products and contributed to the decline in the stock level.

March 2018 and April 2018 rose RM31 each to RM2,441 and RM2,448 per tonne, respectively, May 2018 added RM27 to RM2,440 per tonne and June 2018 gained RM24 to RM2,436 per tonne.

Turnover appreciated to 70,116 lots from 49,862 lots on Tuesday and open interest jumped to 306,950 contracts from 283,725 contracts.

On the physical market, March South was RM30 higher at RM2,450 per tonne.

-- BERNAMA

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