KUALA LUMPUR: Crude palm oil futures (CPO) contracts on Bursa Malaysia Derivatives traded higher due to a weakening ringgit against the US dollar.

“This has helped boost CPO futures prices,” he said.

On the technical charts, July CPO contract is expected to rise further towards the RM2,710 level. A move above that level would resume the trend towards the RM2,745-RM2,795 level.

May 2014 finished RM35 higher at RM2,730 a tonne, June 2014 and July 2014 added RM41 each to RM2,696 and RM2,683 a tonne respectively, while August 2014 appreciated RM39 to RM2,673.

Turnover rose to 28,496 lots from 25,288 lots on Monday while open interest edged up to 213,538 contracts from 210,876 contracts previously.

On the physical market, April South rose RM10 to RM2,740 a tonne. Bernama

Source : New Straits Times