CPO Futures Close Higher On Bargain Buying

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Sept 11 (Bernama) -- Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher today on bargain buying after three successive days of closing lower, said Fastmarket Palm Oil Analytics senior analyst Dr Sathia Varqa.

However, weak exports, a stronger ringgit and some profit-taking ahead of United States Department of Agriculture (USDA) September data both “pushed and pulled” CPO futures in the day’s second trading session, he said.

Meanwhile, palm oil trader David Ng said weaker soybean and crude oil prices continued to put pressure on CPO prices, but expectation of weaker output is seen as limiting the price downside.

“We see support at RM3,800 (a tonne) and resistance at RM3,980," he told Bernama.

At the close, the spot month September 2024 contract fell RM14 to RM3,967 per tonne, while October 2024 climbed RM18 to RM3,963 per tonne, and November 2024 and December 2024 rose RM16 each to RM3,901 and RM3,857 per tonne, respectively.

January 2025 contract gained RM14 to RM3,833 per tonne and February 2025 increased RM8 to RM3,822 per tonne.

Volume surged to 82,367 lots from 77,959 lots on Tuesday while open interest increased to 242,259 contracts compared with 237,470 previously.

The physical CPO price for September South rose RM20 to RM4,040 per tonne.

-- BERNAMA