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The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today amid continuous bullish sentiment.
Palm oil trader David Ng said palm oil prices got its support from the low stock levels of the commodity in the country coupled with stronger soybean oil prices at the Chicago Board of Trade (CBOT) and at the Dalian Commodity Exchange (DCE).
“We see support at RM4,000 a tonne and resistance at RM4,250 a tonne,” he told Benama.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CO futures opened higher today following sharply higher CBOT soybean oil futures overnight, but the opposite reaction in Argentina crude put a dampener on soyabean oil and a stronger ringgit this week saw CPO futures surrendering some of its early
gains.
“However, the prices remained supportive as key purchaser India is seen buying palm oil on Tuesday,” he said.
At the close, the spot month of the March 2024 contract gained RM45 to RM4,245 a tonne, April 2024 rose RM60 to RM4,249 a tonne, May 2024 increased RM66 to RM4,195 a tonne and June 2024 soared RM79 to RM4,126 a tonne.
The July 2024 and August 2024 contracts were
RM86 higher at RM4,034 and RM3,954 a tonne respectively.
Total volume increased to 94,544 lots from 78,065 lots on Tuesday while open interest expanded to 289,409 contracts from 282,025 contracts previously.
The physical CPO price for March South was RM20 up to RM4,270 a tonne from RM4,250 a tonne yesterday.
Source: Bernama.com
