KUALA LUMPUR, Crude palm oil (CPO) futures on Bursa Malaysia Derivatives continued their upward trend to close higher for the sixth consecutive day on Wednesday due to better export performance, a trader said. Palm oil trader David Ng said the upward trend was also driven by lower palm oil stocks in Indonesia. 'We see support at RM3,950 and resistance at RM4,100,' he told Bernama. At the close, the spot month October 2024 contract was RM51 higher at RM4,125 per tonne, nearby month November 2024 gained RM54 to RM4,077, while the benchmark December 2024 rose RM55 to RM4,043. The January 2025 contract advanced by RM50 to RM4,008, February 2025 was RM43 higher to RM3,977, and March 2025 added RM42 to RM3,947. Volume surged to 91,983 lots from 79,823 on Tuesday, while open interest slid to 258,665 contracts from 262,180 previously. The physical CPO price for October South rose RM50 to RM4,100 per tonne. Source: BERNAMA News Agency
Friday, October 25, 2024