Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday on long liquidation, dealers said.They said the market saw profit-taking activities for the second consecutive day after having been overbought for a week.
“The market went up so fast. It has gone up more than RM300 in a week and now it’s time for profit-taking,” one of the dealers said.
According to him, the market will see further liquidation today if the crude oil and soyoil markets continue to be weak.
The support and resistance levels of the CPO futures prices are expected to be between RM2,300 and RM2,400 per tonne today, he said.
At the close yesterday, May 2009 fell RM75 to RM2,500 per tonne, June 2009 dropped RM49 to RM2,410, June 2009 declined RM40 to RM2,358 per tonne and July 2009 stood unchanged at RM2,316 per tonne.
Volume was lower at 16,116 lots compared with 21,681 lots on Wednesday and open interests declined to 85,448 contracts from 85,992 contracts previously.
On the physical market, April South went down by RM20 to settle at RM2,600 per tonne.
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