CPO futures close mostly higher on weaker ringgit

At the close, spot month April 2020 and May 2020 increased RM13 each to RM2,333 and RM2,309 per tonne, respectively, while June 2020 rose RM5 to RM2,250 and July 2020 was RM2 lower at RM2,217 per tonne

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly higher on the back of a weaker ringgit against the US dollar, said a dealer.

At 6pm yesterday, the ringgit was pegged at 4.3600/3700 against the greenback from 4.3520/3620 at Friday’s close, making the local commodity more attractive to foreign traders.

However, palm oil trader David Ng said moving forward, global demand for CPO may put pressure on prices amid developments of the Covid-19 pandemic around the world.

“We locate support level at RM2,200 and resistance level at RM2,350, ” he told Bernama.

At the close, spot month April 2020 and May 2020 increased RM13 each to RM2,333 and RM2,309 per tonne, respectively, while June 2020 rose RM5 to RM2,250 and July 2020 was RM2 lower at RM2,217 per tonne. — Bernama