By Fatin Umairah Abdul Hamid
KUALA LUMPUR, June 20 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Thursday due to expectations of a weaker-than-expected increase in output as well as higher crude oil prices, said palm oil trader David Ng.
“We see support at RM3,800 and resistance at RM3,950,” he told Bernama.
Meanwhile, Fastmarkets senior analyst Sathia Varqa said CPO futures were higher for the second day after a mixed start in the first session.
He said the improvement in Malaysia’s export data and a higher related vegetable oil complex close on the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange helped sustain the gains in CPO futures.
At the close, the spot month July 2024 contract added RM21 to RM3,980 a tonne, August 2024 increased by RM28 to RM3,969 a tonne, September 2024 was RM39 higher at RM3,959 a tonne, October 2024 and November 2024 rose by RM45 to RM3,949 and RM3,950 per tonne and December 2024 gained RM46 to RM3,965 a tonne.
Total volume declined to 48,882 lots from Wednesday’s 52,256 lots, while open interest fell to 218,166 contracts from 219,156 contracts previously.
The physical CPO price for June South was RM10 higher at RM4,000 per tonne.
-- BERNAMA
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