By Zufazlin Baharuddin
KUALA LUMPUR, Jan 13 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mixed today amid signs that the current high prices may soften demand in the near term.
A dealer said the market sentiment was also dented by a stronger ringgit against the US dollar, whereby the local unit traded at 4.0410/0460 versus the greenback from 4.0550/0600 at yesterday’s close.
Meanwhile, palm oil trader David Ng told Bernama that the CPO market was relatively quiet without much demand, with the support level at RM3,600 per tonne and resistance at RM3,750 per tonne.
At the close, the CPO futures contract for January 2021 and February added RM9 each to RM3,880 per tonne and RM3,853 per tonne, respectively.
March 2021 eased RM3 to RM3,692 per tonne while April 2021 weakened RM1 to RM3,570 per tonne.
Total volume increased to 56,955 lots from 48,182 lots on Tuesday, while open interest rose to 220,472 contracts from 209,145 contracts previously.
The physical CPO price for January South remained unchanged at RM3,970 per tonne.