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The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives (BMD) closed higher on Wednesday, tracking the stronger soybean oil and crude oil prices, said palm oil trader David Ng.
“The CPO prices are supported at RM3,890 a tonne and resistance is at RM4,050 a tonne,” he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said that the market performance today was supported by bullish momentum in the South American Crude Degummed Soybean Oil market, strength in energy prices, and signs of a reduction in palm oil production pace at South Peninsular mills during the June 1-10 period.
“The CPO prices were also boosted by the Chinese vegetable oil price movement in Asian hours today.
“However, a weaker June 1-10 palm oil export performance capped gains in BMD CO futures,” he said.
At the close, the spot month June 2024 and July 2024 contracts rose RM31 each to RM3,962 a tonne respectively, August 2024 increased RM32 to RM3,963 a tonne, September 2024 went up RM34 to RM3,96l a tonne, October 2024 was RM37 higher at RM3,958 a tonne, and November 2024 added RM36 to RM3,959 a tonne.
Total volume decreased to 63,118 lots from Tuesday’s 72,838 lots while open interest increased to 216,667 contracts from 215,452 contracts previously.
The physical CPO price for June South was RM50 higher at RM4,030 per tonne.
Source: Bernama
