KUALA LUMPUR, The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped five consecutive days of losses to end higher on Thursday, on the back of stronger soybean oil prices and better demand for the commodity from India, said palm oil trader David Ng. 'We see the price support level at RM3,850 per tonne and resistance at RM4,000,' Ng told Bernama. At the close, the spot month July 2024 contract increased by RM7 to RM4,005 a tonne, August 2024 climbed RM20 to RM3,983 a tonne, September 2024 was up by RM17 to RM3,935 a tonne, October 2024 gained RM9 to RM3,906 a tonne, and November 2024 and December 2024 rose RM7 each to RM3,898 a tonne and RM3,905 a tonne, respectively. Total volume fell to 49,595 lots from Wednesday's 107,394 lots, while open interest decreased to 225,937 contracts from 229,364 contracts previously. The physical CPO price for July South remained unchanged at RM4,050 per tonne. Source: BERNAMA News Agency
Wednesday, October 16, 2024