By Danni Haizal Danial Donald
KUALA LUMPUR, Aug 29 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped two days of losses to close higher on Thursday, driven by stronger soybean oil prices during Asian hours, said a dealer.
Palm oil trader David Ng said concerns over weaker output in recent weeks also influenced market sentiment.
“We see support at RM3,830 a tonne and resistance at RM4,000 a tonne,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the sporadic bargain buying and contrasting performance on China’s Dalian Commodity Exchange helped to sustain the market.
“Nevertheless, further gains were capped by a stronger ringgit against the US dollar. Palm oil exports are expected to end the month lower,” he said.
At the close, spot month September 2024 increased RM27 to RM4,047 a tonne, October 2024 rose RM21 to RM3,980 a tonne, and November 2024 gained RM20 to RM3,940 a tonne.
The December 2024 contract inched up RM17 up to RM3,912 a tonne, January 2025 advanced RM18 to RM3,898 a tonne, and February 2025 contract garnered RM19 to RM3,892 a tonne.
Total volume decreased to 56,204 lots from Wednesday’s close of 62,281 lots, while open interest increased to 224,753 contracts from 223,767 contracts previously.
The physical CPO price for September South rose RM30 to RM4,070 per tonne.
-- BERNAMA
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