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The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on
Thursday, driven by positive export sentiments that lifted market dynamics, said palm oil trader David Ng.
He said the favourable export conditions, marked by strong demand and optimistic trade forecasts, continued to bolster investor confidence and supported an upward trajectory in CPO futures prices.
“We see support at RM3,850 and resistance at RM4,000,” he told Bernama.
At the close, the spot month August 2024 contract increased RM8 to RM3,985 a tonne, September 2024 rose RM6 to RM3,959 a tonne and October 2024 climbed RM5 to RM3,937.
November 2024 gained RM3 to RM3,924 a tonne, while December 2024 and January 2025 rose RM4 to RM3,925 and RM3,934 a tonne respectively.
Total volume dropped to 58,517 lots from Wednesday’s 59,127 lots while open interest improved to 221,883 contracts from 218,883 contracts previously.
The physical CPO price for July South was RM1O higher at RM4,040 per tonne.
Source: Bernama
