By Danni Haizal Danial Donald
KUALA LUMPUR, Aug 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extends gain to end higher on Friday, tracking gains in the soybean oil market on the Chicago Board of Trade (CBOT), said a dealer.
Palm oil trader David Ng said the stronger crude oil prices also weighed on market sentiment.
“We see support at RM3,900 a tonne and resistance at RM4,080 a tonne,” he told Bernama.
Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the robust gains in related vegetable oil on China’s Dalian and Zhengzhou Commodity Exchange and United States’s (US) Chicago Mercantile Exchange (CME) sparked a buying frenzy in the first session.
At the close, the spot month September 2024 contract increased RM28 to RM4,075 a tonne, October 2024 rose RM35 to RM4,015 a tonne, and November 2024 gained RM37 to RM3,977 a tonne.
The December 2024 contract inched up RM33 to RM3,945 a tonne, January 2025 advanced by RM26 to RM3,924 a tonne, and February 2025 contract was RM18 higher at RM3,910 a tonne.
Total volume increased to 63,742 lots from Thursday’s close of 56,204 lots, while open interest grew to 230,900 contracts from 224,753 contracts previously.
The physical CPO price for September South rose RM30 to RM4,100 per tonne.
-- BERNAMA
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