CPO FUTURES END HIGHER (SCREEN)

NURUNNASIHAH AHMAD RASHID

KUALA LUMPUR, Jan 22 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives  closed higher today, in line with the overnight gains in soybean oil on the Chicago Board of Trade, a dealer said.

Palm oil trader David Ng said the better performance was due to a low preliminary production estimate for the month of January, which may result in a lower stockpile in the country.

“We locate support at RM2,950 and resistance at RM3,050 per tonne,” he told Bernama.