By Danni Haizal Danial Donald
KUALA LUMPUR, June 28 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Friday, driven by a stronger soybean oil market and expectations of reduced output in the upcoming weeks, said palm oil trader David Ng.
"We see potential price support around RM3,850 per tonne with resistance at RM4,000 per tonne," he told Bernama.
Meanwhile, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the improved performance was further bolstered by stronger Chinese vegetable oil futures, rising prices of South American crude degummed soybean oil (CDSBO), and increasing momentum in the European Union's rapeseed oil market.
"Additional support came from bullish energy prices," he added.
At the close, the spot month July 2024 contract added RM31 to RM3,976 a tonne, August 2024 gained RM22 to RM3,932 and September 2024 was RM26 higher at RM3,916.
The October 2024 contract increased by RM21 to RM3,905 a tonne, November 2024 climbed RM17 to RM3,903, and December 2024 gained RM10 to RM3,911.
Total trading volume rose to 64,244 lots from Thursday's 59,948 lots, while open interest declined to 203,691 contracts from the previous 204,700 contracts.
The physical CPO price for July South remained unchanged at RM4,000 per tonne.
-- BERNAMA
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