By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Feb 14 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended the week mostly higher on the back of stronger crude oil and soybean prices.
Palm oil trader David Ng said the low CPO prices attracted bargain buying among traders.
“We locate the support level at RM2,600 and RM2,700 per tonne,” he told Bernama today.
At the close, the CPO futures contract for February 2020 fell RM5 to RM2,660 per tonne, while March 2020 was RM42 higher at RM2,700 per tonne, April 2020 rose RM35 to RM2,660 per tonne and May 2020 increased RM19 to RM2,627 per tonne.
Volume fell to 73,108 lots from Thursday’s 91,772 lots, while open interest decreased to 321,864 contracts from 342,868 contracts previously.
On the physical market, February South rose RM20 to RM2,720 per tonne.
Malaysia National News Agency
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