KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed marginally lower yesterday amid weakness in the crude oil market, coupled with profit-taking after recent gains.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said narrowing price differences between soya oil and palm oil would continue to weigh on CPO prices.

“We locate support at RM2,210 and immediate resistance at RM2,300,” he said.

November and December 2014 declined RM20 to RM2,214 and RM2,244 a tonne respectively, January 2015 down RM6 to RM2,259 a tonne, and February 2015 slipped RM3 to RM2,266 a tonne.

Volume gained to 41,671 lots from yesterday’s 37,339 lots while open interest fell to 260,193 contracts from 261,464 contracts previously.

On the physical market, November South remain unchanged from Tuesday’s RM2,260 a tonne. Bernama

Source : New Straits Times