CPO Futures Close Higher On Bargain Buying
KUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher today on bargain buying after three successive days of closing lower, said Fastmarket Palm Oil Analytics senior analyst Dr Sathia Varqa. However, weak exports, a stronger ringgit and some profit-taking ahead of United States Department of Agriculture (USDA) September data both ‘pushed and pulled’ CPO futures in the day’s second trading session, he said. Meanwhile, palm oil trader David Ng said weaker soybean and crude oil prices continued to put pressure on CPO prices, but expectation of weaker output is seen as limiting the price downside. ‘We