CPO Futures Rise Amidst Strengthening Soybean Oil Market
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, driven by a stronger soybean oil market, said palm oil trader David Ng.
He told Bernama that a stronger-than-expected export pace is also seen as a contribut…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, driven by a stronger soybean oil market, said palm oil trader David Ng.
He told Bernama that a stronger-than-expected export pace is also seen as a contributing factor to price increases.
‘Therefore, we see today’s price is well supported at above RM3,900 with resistance at RM4,000,’ Ng said.
At the close, the spot month August 2024 contract rose by RM36 to RM4,044 a tonne, September 2024 was stronger by RM25 to RM3,975 a tonne, and October 2024 gained RM24 to RM3,942 a tonne.
The November 2024 contract increased by RM25 to RM3,927 a tonne, December 2024 went up by RM21 to RM3,925 a tonne and January 2025 widened by RM17 to RM3,933 a tonne.
Total volume inched down to 52,074 lots from Thursday’s 66,335 lots, while open interest shrank to 218,561 contracts from 222,405 contracts previously.
The physical CPO price for July South added RM20 to RM4,060 per tonne.
Source: BERNAMA News Agency