KUALA LUMPUR, May 17 (Bernama) -- Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on the back of a weaker ringgit.
Phillip Futures Sdn Bhd Derivatives Dealer David Ng said a weaker ringgit would spur demand for CPO in the short-term.
"We locate support at RM2,350 per tonne and resistance at the RM2,450 per tonne level, " he told Bernama.
At 6 pm, the ringgit was quoted lower at 3.9670 against the US dollar from 3.9650 yesterday.
June 2018 rose RM16 to RM2,420 a tonne, July 2018 added RM17 to RM2,427 a tonne, August 2018 gained RM18 to RM2,432 a tonne and September 2018 increased RM19 to RM 2,440 a tonne.....