By Zufazlin Baharuddin
KUALA LUMPUR, Sept 23 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives continued its upward trend to end higher for the fourth consecutive trading day on anticipation of greater export outlook amidst slowing production in September.
Fastmarket Palm Oil Analytics senior analyst Dr Sathia Varqa told Bernama the anticipation of strong buying from India ahead of Diwali festival demand stocking up and a shift in sentiment on tight supply outlook in the first quarter of next year has lifted the positive sentiment.
Meanwhile, palm oil trader David Ng said the bullish momentum observed in the Chicago Board of Trade’s (CBOT) soybean oil futures overnight has also influenced the market.
“We see support at RM3,900 and resistance at RM4,050,” he said.
At the close, spot month October 2024’s contract was RM22 higher at RM4,049, November 2024 gained RM32 to RM4,006, and the benchmark December 2024 rose RM30 to RM3,977 per tonne.
January 2025 contract advanced by RM23 to RM3,948, February 2025 rose RM16 to RM3,923, and March 2025 added RM14 to RM3,899.
Volume was up to 83,284 lots from 59,369 last Friday, while open interest increased to 260,058 contracts from 254,752 previously.
The physical CPO price for October South added RM30 to RM4,100 per tonne.
-- BERNAMA
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