KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday, tracking weakness in the crude oil market and lower palm oil exports to India, a major palm oil destination.

According to the Solvent Extractors’ Association, palm oil shipments declined 4.1 per cent to 7.96 million tonne for the year ended October 31, the first drop since 2009-2010, Phillip Futures Sdn Bhd derivative product specialist David Ng said.

Palm oil’s support level is seen at RM2,200 with immediate resistance of RM2,280, Ng added.

November and December 2014 slipped RM23 to RM2,191 and RM2,221 a tonne respectively, January 2015 slumped RM28 to RM2,231 a tonne and February down RM27 to RM2,239 a tonne.

Volume fell to 39,596 lots from Wednesday’s 41,671 lots while open interest eased to 257,144 contracts from 260,193 contacts, previously.

On the physical market, November South went down RM20 from Wednesday’s RM2,240 a tonne. Bernama

Source : New Straits Times