KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday amid profit-taking following two days of gains, a dealer said.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said the weaker CPO market was also due to the anticipation of higher inventories in light of sluggish export performance.

“We locate support level at RM2,180 and immediate resistance at RM2,250,” he said.

December 2014 fell RM40 to RM2,165 a tonne, January 2015 decreased RM42 to RM2,197 a tonne, February 2015 slipped RM39 to RM2,201 a tonne, and March 2015 was down RM37 to RM2,206 a tonne.

Volume declined to 21,950 lots from Wednesday’s 49,731 lots, while open interest fell to 226,326 contracts from 256,475 contracts previously.

On the physical market, December South was RM40 lower at RM2,200 a tonne. Bernama

Source : New Straits Times