Cpo Futures End Higher On Stronger Dalian Olein Prices

By Nur Athirah Mohd Shaharuddin and Danni Haizal Danial Donald

KUALA LUMPUR, Aug 2 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Friday, driven by the stronger Dalian Commodity Exchange’s palm olein prices, a dealer said.

Palm oil trader David Ng said the expectation of strong demand for the commodity also influenced the local market sentiment.

“We see support at RM3,850 a tonne and resistance at RM4,000 a tonne,” he told Bernama.

Meanwhile, Fastmarkets senior analyst Sathia Varqa said CPO futures made steady gains in the second half of the day with prices going up by RM20 to RM40 as bargain buying opportunities emerged, on the back of higher palm olein futures on the Dalian Exchange.

However, he said the higher ringgit performance this week capped the gains in CPO futures. 

At the close, the spot month August 2024 contract rose by RM33 to RM4,021 a tonne, September 2024 increased RM46 to RM3,972 a tonne, and October 2024 gained RM47 to RM3,917 a tonne.

The November 2024 contract climbed RM44 to RM3,881 a tonne, December 2024 increased RM36 to RM3,859 a tonne, and January 2025 advanced RM32 to RM3,848 a tonne.

Total volume decreased to 99,595 lots from Thursday’s 123,789 lots, while open interest declined to 218,654 contracts from 218,898 contracts previously.

The physical CPO price for August South increased by RM20 to RM4,050 per tonne.

-- BERNAMA