KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher yesterday against the backdrop of strengthening crude oil prices.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said scattered bargain hunting also helped prop up prices in light of the recent decline in CPO prices.

“However, traders remained cautious as demand remained subdued and this may limit any upside potential.

“We locate the support level at RM2,100 and immediate resistance at RM2,200,” he said.

December 2014 increased RM31 to RM2,160 a tonne, January 2015 gained RM38 to RM2,184 a tonne, February 2015 rose RM30 to RM2,172 a tonne and March 2015 added RM28 to RM2,171 a tonne.

Volume increased to 57,888 lots from 45,849 lots yesterday while open interest totalled 259,835 contracts. On the physical market, December South was RM30 higher at RM2,190 a tonne. Bernama

Source : New Straits Times