By Engku Shariful Azni Engku Ab Latif
KUALA LUMPUR, June 14 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed mixed today ahead of the Hari Raya Aidiladha holiday on Monday (June 17), said an analyst.
Nevertheless, Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said palm oil prices are likely to trade higher in the coming weeks due to the slowing production in Malaysia and rising exports.
"The prices are expected to get support around RM3,900 per tonne, but the recovery could get capped around RM4,150 per tonne," he told Bernama.
At the close, the spot month for June 2024 rose by RM49 to RM3,983, the July 2024 contract increased by RM27 to RM3,961 a tonne, while the August 2024 note inched up by RM10 to RM3,946 a tonne.
September 2024 decreased by RM4 to RM3,928 a tonne, October 2024 fell by RM18 to RM3,911 a tonne and November 2024 dropped RM20 to RM3,911 a tonne.
Total volume increased to 91,048 lots from Thursday's 67,837 lots, while open interest rose to 229,646 contracts from 218,681 contracts previously.
The physical CPO price for June South remained unchanged at RM4,000 per tonne.
-- BERNAMA
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