KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Wednesday due to a stronger soybean oil price, said palm oil trader David Ng. He said robust export performance and positive market sentiment further contributed to the day's gains. "We see support at RM3,850 and resistance at RM4,000," he told Bernama. At the close, the spot month August 2024 contract increased RM11 to RM3,977 a tonne, September 2024 rose RM9 to RM3,953 a tonne and October 2024 climbed RM7 to RM3,932. Meanwhile, November 2024 was up RM4 to RM3,921 a tonne, December 2024 dropped RM3 to RM3,921 a tonne and January 2025 slid RM5 to RM3,930 a tonne. Total volume rose to 59,127 lots from Tuesday's 55,822 lots while open interest slid to 218,883 contracts from 220,707 contracts previously. The physical CPO price for July South was RM10 lower at RM4,030 per tonne. Source: BERNAMA News Agency
Thursday, October 17, 2024